Ala. Code § 10A-5A-5.04

Current through the 2024 Regular Session.

Section 10A-5A-5.04 - Power of personal representative of deceased member

If a member dies, the deceased member's personal representative or other legal representative may:

(a) for the period of time that the deceased member's personal representative or other legal representative holds the deceased member's transferable interest:

(1) exercise the rights of a holder of transferable interests under this chapter;

(2) exercise the rights of a transferee under Section 10A-5A-5.02; and

(3) for purposes of settling the estate, exercise the rights of a current member under Section 10A-5A-4.09; and

(b) for the period of time that the deceased member's personal representative or other legal representative does not hold the deceased member's transferable interest, for purposes of settling the estate, exercise the rights of a dissociated member under Section 10A-9A-4.09.

Ala. Code § 10A-5A-5.04 (1975)

Amended by Act 2016-379,§ 4, eff. 1/1/2017.

Added by Act 2014-144,§ 1, eff. 1/1/2015.