United States Seventh Circuit

The purchaser in a limited liability company (LLC) buy-sell, under the LLC operating agreement, acquires the seller's membership interest, and any obligation of the seller to the firm is extinguished; obligations (such as guarantees) to third parties are unaffected.

Appellate Information

• Argued 05/20/2002
• Decided 06/26/2002
• Published 06/26/2002

Judges

• EASTERBROOK, Circuit Judge., Before EASTERBROOK, ROVNER, and EVANS, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Christopher T. Sheehan,Kelly, Drye & Warren, Chicago, IL, Mark S. Gregory (argued), Kelley, Drye & Warren, Stamford, CT, for Plaintiff-Appellant.


• For Appellees:
  
• Jay R. Hoffman (argued), Chicago, IL, for Defendant-Appellee.