4004

In a derivative action, the plaintiff must be a member or an assignee of an LLC interest at the time of bringing the action and:\n(1) At the time of the transaction of which the plaintiff complains, or\n(2) the plaintiff’s status as a member or an assignee of an LLC interest had devolved upon the plaintiff by operation of law or pursuant to the terms of an LLCA from a person who was a member or an assignee of an LLC interest at the time of the transaction.\nHistory —Dec. 16, 2009, No. 164, § 19.54.