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(a) The court shall confirm the sale.
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(b) The purchaser at the sale obtains the member's entire interest, not only the
18member's transferable interest.
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(c) The purchaser thereby becomes a member.
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(d) The person whose interest was subject to the foreclosed charging order is
21dissociated as a member.
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22(7) This chapter does not deprive any member or transferee of the benefit of any
23exemption law applicable to the transferable interest of the member or transferee.
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1(8) This section provides the exclusive remedy by which a person seeking to
2enforce a judgment against a member or transferee may, in the capacity of judgment
3creditor, satisfy the judgment from the judgment debtor's transferable interest.
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4183.0504 Power of legal representative of deceased member. If a
5member dies, the deceased member's legal representative may exercise all of the
6following rights:
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7(1) The rights of a transferee provided in s. 183.0502 (3).
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8(2) For the purposes of settling the estate, the rights the deceased member had
9under s. 183.0410.
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subchapter VI
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11DISSOCIATION
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12183.0601 Power to dissociate as member; wrongful dissociation. (1) A
13person has the power to dissociate as a member at any time, rightfully or wrongfully,
14by withdrawing as a member by express will under s. 183.0602 (1).
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15(2) A person's dissociation as a member is wrongful only if any of the following
16applies:
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(a) The dissociation is in breach of an express provision of a written operating
18agreement.
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(b) The dissociation occurs before completion of the winding up of the limited
20liability company and any of the following applies:
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1. The person is expelled as a member by judicial order under s. 183.0602 (6).
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2. The person is dissociated under s. 183.0602 (8).
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23(3) A person that wrongfully dissociates as a member is liable to the limited
24liability company and, subject to s. 183.0801, to the other members for damages
1caused by the dissociation. The liability is in addition to any debt, obligation, or other
2liability of the member to the company or the other members.
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3183.0602 Events causing dissociation. A person is dissociated as a member
4from a limited liability company when any of the following applies:
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5(1) The limited liability company knows or has notice of the person's express
6will to withdraw as a member, but, if the person has specified a withdrawal date later
7than the date the company knew or had notice, on that later date.
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8(2) An event stated in the operating agreement as causing the person's
9dissociation occurs.
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10(3) The person's entire interest is transferred in a foreclosure sale under s.
11183.0503 (6).
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12(4) The person is expelled as a member pursuant to the operating agreement.
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13(5) The person is expelled as a member by the affirmative vote or consent of all
14the other members if any of the following applies:
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(a) It is unlawful to carry on the limited liability company's activities and
16affairs with the person as a member.
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(b) There has been a transfer of all the person's transferable interest in the
18company, other than a transfer for security purposes or the entry of a charging order
19that is in effect under s. 183.0503 and that has not been foreclosed.
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(c) The person is an entity and all of the following apply:
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1. The company notifies the person that it will be expelled as a member because
22the person has filed a statement of dissolution or the equivalent, the person has been
23administratively dissolved, the person's charter or the equivalent has been revoked,
24or the person's right to conduct business has been suspended by the jurisdiction of
25the person's governing law.
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12. The statement of dissolution or the equivalent has not been withdrawn,
2rescinded, or revoked, or the person's charter or the equivalent or right to conduct
3business has not been reinstated, within 90 days after the notification under subd.
41.