A person may maintain a derivative action to enforce a right of a limited liability company only if the person is a member at the time the action is commenced and either:
1. the person was a member when the conduct giving rise to the action occurred.
2. the person’s status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from another person that was a member at the time of the conduct.
Note: As of September 1, 2020, this statute applies to all Arizona LLCs . The text above shows the statute as of January 31, 2021. To see if the Arizona legislature modified this statute after January 31, 2021, go the the Arizona legislature's website for Title 29, Chapter 7.