Death or Incapacity of a Member. In the event of the death or incapacity of a Member,the Member’s interest shall pass to such Member’s heirs as provided in the Member’s estate plans.
Death or Incapacity of a Member. In the event of the death or incapacity of a member (or the death or incapacity of the grantor and sole trustee of a revocable living trust, if such trust is a member), receipt of notice shall be treated as notice of withdrawal. Notice shall be considered written notification by the estate or guardian. Copies of the death certificate or court determination of death or incapacity must be provided prior to payout. After receipt of proper notice of death or incapacity, payment will be made in accordance with the terms of the beneficiary designation or court order, no later than 90 days after receipt of the notice of withdrawal.
Death or Incapacity of a Member. Upon the death or legal incompetency of an individual Member, such Member’s personal representative shall have all the rights of a Member (subject to any obligations of the Member to the Company) for the purpose of settling or managing the Member’s estate, and such power as the decedent or incompetent possessed to constitute a successor as an assignee of his or her interest in the Company and to join with such assignee in making application to substitute such assignee as a Member.
Death or Incapacity of a Member. Subject to Section 6.2, notwithstanding anything herein to the contrary, upon the death or incapacity of a Employee Member, such Employee Member’s interests in the LLC shall be immediately assigned to the legal representative of such Employee Member. Irrespective of whether such legal representative has accepted and adopted in writing the terms and provisions of this Agreement, such legal representative shall be deemed by the acceptance of such assignment (a) to have agreed to be subject to the terms and provisions of this Agreement in the same manner as its assignor and (b) to have assumed the assignor’s Capital Commitment and other payment obligations, if any, pursuant to this Agreement with respect to the interest in the LLC assigned.
Death or Incapacity of a Member. In the event of the death or incapacity of a Member receipt of notice shall be treated as a notice of full withdrawal.
Death or Incapacity of a Member. In the event of death, or physical incapacity, one hundred percent (100%) of said member’s equity as described in Section (9) of this agreement, less expenses incurred to liquidate assets to satisfy said amount shall be made available for payment to the member’s estate. If the LLC is unable to make immediate payment, said payment would follow paragraph (28) of this operating agreement
Death or Incapacity of a Member
