79-29-705 - Power of estate of deceased or incompetent member.
§ 79-29-705. Power of estate of deceased or incompetent member.
If a member who is an individual dies or a court of competent jurisdiction adjudges him to be incompetent to manage his person or his property, the member's executor, administrator, guardian, conservator, or other legal representative may exercise all of the member's rights for the purpose of settling his estate or administering his property, including any power the member had to give an assignee the right 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.
Sources: Laws, 1994, ch. 402, § 47, eff from and after July 1, 1994.