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Virginia – SB 779 (Chapter 722), effective July 1, amends the Limited Liability Act

Senate  Bill 779 (Chapter 722) approved by the governor April 3 and effective July 1 amends the Limited Liability Company Act to provide that an assignment of an interest in a limited liability company does not entitle the assignee to participate in the management and affairs of the limited liability company or to become or to exercise any rights of a member, except as provided in subsection A of § 13.1-1040 of the LLC Act. The measure overturns the Virginia Supreme Court’s finding in Ott v. Monroe that current law precludes such rights being transferred to an assignee. The  bill text can be accessed at http://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+SB779ER2.