Maryland Corporations and Associations Section 4A-603

Article - Corporations and Associations

§ 4A-603.

      (a)      Unless otherwise provided in the operating agreement, an interest in a limited liability company is assignable in whole or in part.

      (b)      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)      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.



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