490A.905 - POWERS OF ESTATE OF A DECEASED OR INCOMPETENT MEMBER.
490A.905 POWERS OF ESTATE OF A DECEASED OR INCOMPETENT MEMBER. If a member who is an individual dies or a court of competent jurisdiction adjudges the member to be incompetent, the member's executor, administrator, guardian, conservator, or other legal representative may exercise all of the member's rights for the purpose of settling the member's estate or administering the member's property, including any power under the articles of organization or an operating agreement of an assignee to become a member. If a member is a corporation, trust, or other entity and is dissolved or terminated, the powers of that member may be exercised by its legal representative or successor.
Section History: Recent Form 92 Acts, ch 1151, § 56