Limited liability companies; assignment of interest. (SB779)

Introduced By

Sen. John Watkins (R-Midlothian)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Limited liability companies; assignment of interest. Amends the Virginia Limited Liability Company Act to permit the assignee of an interest in a limited liability company to participate in the management and affairs of the limited liability company, become a member of the limited liability company, receive distributions, and have other rights, if provided in the articles of organization or an operating agreement. The measure overturns the Virginia Supreme Court's finding in Ott v. Monroe that current law precludes such rights being transferred to an assignee. Amends § 13.1-1039, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/18/2012Prefiled and ordered printed; offered 01/09/13 13101816D
12/18/2012Referred to Committee on Commerce and Labor
01/06/2013Impact statement from SCC (SB779)
01/14/2013Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
01/16/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/17/2013Read second time and engrossed
01/18/2013Read third time and passed Senate (38-Y 0-N) (see vote tally)
01/25/2013Placed on Calendar
01/25/2013Read first time
01/25/2013Referred to Committee for Courts of Justice
02/11/2013Referred from Courts of Justice
02/11/2013Referred to Committee on Commerce and Labor
02/14/2013Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/18/2013Read second time
02/19/2013Read third time
02/19/2013Passed House BLOCK VOTE (100-Y 0-N)
02/19/2013VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/22/2013Enrolled
02/22/2013Bill text as passed Senate and House (SB779ER)
02/22/2013Signed by Speaker
02/23/2013Signed by President
02/25/2013Impact statement from SCC (SB779ER)
03/25/2013Governor's recommendation received by Senate
04/02/2013Placed on Calendar
04/03/2013G Approved by Governor-Chapter 772 (effective 7/1/13)
04/03/2013Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally)
04/03/2013House concurred in Governor's recommendation (92-Y 1-N)
04/03/2013VOTE: ADOPTION (92-Y 1-N) (see vote tally)
04/03/2013G Governor's recommendation adopted
04/03/2013Reenrolled
04/03/2013Reenrolled bill text (SB779ER2)
04/03/2013Signed by President as reenrolled
04/03/2013Signed by Speaker as reenrolled
04/03/2013Enacted, Chapter 772 (effective 7/1/13)
04/03/2013G Acts of Assembly Chapter text (CHAP0772)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 45 seconds.