Section 604 - Right of assignee to become a member. - Maryland Statutes

§ 4A-604. Right of assignee to become a member.
 

(a)  In general.- An assignee of an interest in a limited liability company may become a member if and to the extent that: 

(1) The assignor gives the assignee that right under authority described in the operating agreement; 

(2) The members unanimously consent; or 

(3) Except as otherwise provided in the operating agreement, if the limited liability company has no members, all of the assignees of members may elect to become members. 

(b)  Rights and obligations of assignee.- 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. 

(c)  Assignor's liability for contribution.- If an assignee of an interest in a limited liability company becomes a member, the assignor is not released from the assignor's liability under § 4A-502 of this title to the limited liability company. 
 

[1992, ch. 536; 1997, ch. 659, § 1.]