2010 Maryland Code
CORPORATIONS AND ASSOCIATIONS
TITLE 4A - LIMITED LIABILITY COMPANY ACT
Subtitle 6 - Membership
Section 603 - Assignment of interest.
§ 4A-603. Assignment of interest.
(a) In general.- Unless otherwise provided in the operating agreement, an interest in a limited liability company is assignable in whole or in part.
(b) Effect.- An assignment of an interest in a limited liability company does not:
(1) Dissolve the limited liability company; or
(2) Unless the operating agreement provides otherwise, entitle the assignee to:
(i) Become a member; or
(ii) Exercise any rights of a member.
(c) Rights of assignee to distributions.- Unless otherwise provided in the operating agreement, an assignment entitles the assignee to receive, to the extent assigned, only the distributions to which the assignor would be entitled.
[1992, ch. 536.]
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