{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/13.1-1040.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/13.1-1040.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/13.1-1040.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/13.1-1040.2.html"}],"law_id":346340,"edition_id":2,"section_id":346340,"structure_id":49735,"section_number":"13.1-1040.2","catch_line":"Effect of a member’s dissociation","history":"2000, c. 581; 2006, c. 912.","full_text":"A\n\nExcept as provided in the articles of organization or an operating agreement, the dissociation of a member shall not affect the membership interest held by the dissociated member or the former member’s successor in interest. The former member or successor in interest shall continue to hold a membership interest and shall have the same rights that an assignee of the membership interest would have under subsection A of § 13.1-1039.\n\nB\n\nExcept as provided in the articles of organization or an operating agreement, the dissociation of a member shall not cause the limited liability company to be dissolved or its affairs to be wound up, and, upon the occurrence of any such event, the limited liability company shall be continued without dissolution.\n\n","order_by":null,"text":{"0":{"id":1291073,"text":"Except as provided in the articles of organization or an operating agreement, the dissociation of a member shall not affect the membership interest held by the dissociated member or the former member’s successor in interest. The former member or successor in interest shall continue to hold a membership interest and shall have the same rights that an assignee of the membership interest would have under subsection A of § 13.1-1039.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1291074,"text":"Except as provided in the articles of organization or an operating agreement, the dissociation of a member shall not cause the limited liability company to be dissolved or its affairs to be wound up, and, upon the occurrence of any such event, the limited liability company shall be continued without dissolution.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":49735,"edition_id":2,"name":"Rights of and Assignment by Members","identifier":"7","label":"article","depth":3,"order_by":7,"parent_id":49728,"metadata":{"child_laws":8,"child_structures":0},"date_created":"2026-08-02 02:14:07","date_modified":"2026-08-02 12:29:19","permalink":{"id":1375901,"object_type":"structure","relational_id":49735,"identifier":"7","token":"13.1\/12\/7","url":"\/13.1\/12\/7\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49728,"edition_id":2,"name":"Virginia Limited Liability Company Act","identifier":"12","label":"chapter","depth":2,"order_by":15,"parent_id":49726,"metadata":{"child_laws":156,"child_structures":16},"date_created":"2026-08-02 02:14:01","date_modified":"2026-08-02 12:29:18","permalink":{"id":1375353,"object_type":"structure","relational_id":49728,"identifier":"12","token":"13.1\/12","url":"\/13.1\/12\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49726,"edition_id":2,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":44,"parent_id":null,"metadata":{"child_laws":894,"child_structures":104},"date_created":"2026-08-02 02:14:01","date_modified":"2026-08-02 12:29:04","permalink":{"id":1374495,"object_type":"structure","relational_id":49726,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":346337,"structure_id":49735,"section_number":"13.1-1038","catch_line":"Nature of interest in limited liability company","url":"\/13.1-1038\/","token":"13.1\/12\/7\/13.1-1038","metadata":false},{"id":346336,"structure_id":49735,"section_number":"13.1-1038.1","catch_line":"Admission of members","url":"\/13.1-1038.1\/","token":"13.1\/12\/7\/13.1-1038.1","metadata":false},{"id":346338,"structure_id":49735,"section_number":"13.1-1039","catch_line":"Assignment of interest","url":"\/13.1-1039\/","token":"13.1\/12\/7\/13.1-1039","metadata":false},{"id":346341,"structure_id":49735,"section_number":"13.1-1040","catch_line":"Right of assignee to become member","url":"\/13.1-1040\/","token":"13.1\/12\/7\/13.1-1040","metadata":false},{"id":346339,"structure_id":49735,"section_number":"13.1-1040.1","catch_line":"Events causing member's dissociation","url":"\/13.1-1040.1\/","token":"13.1\/12\/7\/13.1-1040.1","metadata":false},{"id":346340,"structure_id":49735,"section_number":"13.1-1040.2","catch_line":"Effect of a member's dissociation","url":"\/13.1-1040.2\/","token":"13.1\/12\/7\/13.1-1040.2","metadata":false},{"id":346343,"structure_id":49735,"section_number":"13.1-1041","catch_line":"Repealed","url":"\/13.1-1041\/","token":"13.1\/12\/7\/13.1-1041","metadata":false},{"id":346342,"structure_id":49735,"section_number":"13.1-1041.1","catch_line":"Member's transferable interest subject to charging order","url":"\/13.1-1041.1\/","token":"13.1\/12\/7\/13.1-1041.1","metadata":false}],"previous_section":{"id":346339,"structure_id":49735,"section_number":"13.1-1040.1","catch_line":"Events causing member's dissociation","url":"\/13.1-1040.1\/","token":"13.1\/12\/7\/13.1-1040.1","metadata":false},"next_section":{"id":346343,"structure_id":49735,"section_number":"13.1-1041","catch_line":"Repealed","url":"\/13.1-1041\/","token":"13.1\/12\/7\/13.1-1041","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-1040.2\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 581<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2006, chapter 912<\/a>.<\/p>","references":false,"refers_to":[{"id":346338,"section_number":"13.1-1039","catch_line":"Assignment of interest","order_by":null,"url":"\/13.1-1039\/"}],"permalink":{"id":1375923,"object_type":"law","relational_id":346340,"identifier":"13.1-1040.2","token":"13.1\/12\/7\/13.1-1040.2","url":"\/13.1-1040.2\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/13.1-1040.2\/","token":"13.1\/12\/7\/13.1-1040.2","dublin_core":{"Title":"Effect of a member’s dissociation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1040.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as provided in the articles of organization<\/span> or an operating agreement<\/span>, the dissociation of a member<\/span> shall not affect the membership interest<\/span> held by the dissociated member<\/span> or the former member<\/span>’s successor in interest. The former member<\/span> or successor in interest shall continue to hold a membership interest<\/span> and shall have the same rights that an assignee<\/span> of the membership interest<\/span> would have under subsection A of § 13.1-1039<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except as provided in the articles of organization<\/span> or an operating agreement<\/span>, the dissociation of a member<\/span> shall not cause the limited liability company<\/span> to be dissolved or its affairs to be wound up, and, upon the occurrence of any such event, the limited liability company<\/span> shall be continued without dissolution. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEFFECT OF A MEMBER’S DISSOCIATION (\u00a7 13.1-1040.2)\n\nA. Except as provided in the articles of organization or an operating agreement,\nthe dissociation of a member shall not affect the membership interest held by\nthe dissociated member or the former member’s successor in interest. The\nformer member or successor in interest shall continue to hold a membership\ninterest and shall have the same rights that an assignee of the membership\ninterest would have under subsection A of § 13.1-1039.\n\nB. Except as provided in the articles of organization or an operating agreement,\nthe dissociation of a member shall not cause the limited liability company to be\ndissolved or its affairs to be wound up, and, upon the occurrence of any such\nevent, the limited liability company shall be continued without dissolution.\n\nHISTORY: 2000, c. 581; 2006, c. 912.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}