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DE HR9

Resolution

Status

Introduced

5/9/2013

Primary Sponsor

Joseph Miro

Click for details

Origin

House of Representatives

147th General Assembly

AI Summary

I notice there's a discrepancy between your request and the document provided. The document is House Bill No. 126 (not HR9), which amends Delaware's Limited Liability Company Act. Here's the summary:

  • Allows rights or securities of constituent parties in mergers, domestications, conversions, and continuances to remain outstanding rather than being required to be exchanged or cancelled.

  • Confirms that a charging order is the exclusive remedy for judgment creditors to satisfy judgments against a member's limited liability company interest, prohibiting attachment, garnishment, foreclosure, or other legal remedies regardless of whether the LLC has one or multiple members.

  • Applies all provisions of the Delaware Limited Liability Company Act whether a limited liability company has one member or more than one member.

  • Clarifies that fiduciary duties apply in cases not explicitly addressed in the limited liability company agreement, such as duties owed by managers in manager-managed LLCs.

  • Effective date: August 1, 2013.

Legislative Description

Respecting And Honoring All Delaware Mothers On May 12, 2013, Mother's Day.

Last Action

Passed in House by Voice Vote

5/9/2013

Full Bill Text

No bill text available