304-C:131 Non-Dissolution of Single-Member Limited Liability Company. –
I. Unless the operating agreement provides otherwise, upon the death of an individual who is the only member of a limited liability company, the individual's membership shall pass to the individual's estate and the limited liability company shall not be dissolved.
II. Unless the operating agreement provides otherwise, upon the dissolution of an entity that is the only member of a limited liability company or upon the termination of a trust that is the only member of a limited liability company, the membership of the limited liability company shall pass automatically to the successor in interest of the entity or trust and the limited liability company shall not be dissolved.