Section 603 - Assignment of interest. - Maryland Statutes

§ 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.]