1. (a) Unless otherwise provided in the operating agreement, a member ceases to:

   1. (1) be associated with a series; and

   2. (2) have the power to exercise any rights or powers of a member with respect to the series;

      upon the assignment, transfer, or redemption of all the member's limited liability company interest with respect to the series.

2. (b) Except as otherwise provided in an operating agreement, any event under this article or an operating agreement that causes a member to cease to be associated with a series does not, in itself, cause the:

   1. (1) member to cease to be associated with any other series or terminate the continued membership of a member in the master limited liability company; or
   2. (2) termination of the series, regardless of whether the member was the last remaining member associated with the series, unless the business of the series is not continued as provided for under IC 23-18-9-1.1 (c).

As added by P.L.170-2016, SEC.19.