2010 Mississippi Code
TITLE 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS
Chapter 29 - Mississippi Limited Liability Company Act.
79-29-702 - Assignment of limited liability company interest.
§ 79-29-702. Assignment of limited liability company interest.
Except as provided in the certificate of formation or limited liability company agreement, a limited liability company interest is assignable in whole or in part. An assignment of a limited liability company interest does not dissolve a limited liability company or entitle the assignee to become or to exercise any rights of a member. An assignment entitles the assignee, to the extent assigned, to share in such profits and losses, to receive such distribution or distributions, and to receive such allocations of income, gain, loss, deduction, credit or similar items to which the assignor would have been entitled. Except as provided in the certificate of formation or limited liability company agreement, a member ceases to be a member upon assignment of the member's entire limited liability company interest. Unless otherwise provided in the certificate of formation or limited liability company agreement, the pledge of, or granting of a security interest, lien or other encumbrance in or against, any or all of the limited liability company interest of the member shall not cause the member to cease to be a member or to cease to have the power to exercise any rights or powers of a member.
Sources: Laws, 1994, ch. 402, § 44, eff from and after July 1, 1994.
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