1. When a person is dissociated as a member of a limited liability company: a. The right of the person to participate as a member in the management and conduct of the activities of the company terminates; b. If the company is member-managed, then the fiduciary duties of the person as a member end with regard to matters arising and events occurring after the dissociation of the person; and

c. Subject to sections 10-32.1-46 and 10-32.1-55 through 10-32.1-71, any transferable interest owned by the person immediately before dissociation in the capacity of the person as a member is owned by the person solely as a transferee.

2. The dissociation of a person as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members that the person incurred while a member.