2021 Maryland Statutes
Corporations and Associations
Title 4A - Limited Liability Company Act
Subtitle 6 - Membership
Section 4A-604 - Right of Assignee to Become a Member

Universal Citation:
MD. Corporations and Associations Code Ann. § 4A-604 (2021)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

    (a)    An assignee of an economic interest in a limited liability company may become a member of the limited liability company under any of the following circumstances:

        (1)    In accordance with the terms of the operating agreement providing for the admission of a member;

        (2)    By the unanimous consent of the members; or

        (3)    If there are no remaining members of the limited liability company at the time the assignee obtains the economic interest, on terms that the assignee may determine in accordance with § 4A–902(b)(1)(i) of this title.

    (b)    An assignee who becomes a member:

        (1)    Has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the operating agreement and this title; and

        (2)    Is liable for any obligations of his assignor to make capital contributions.

Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.