§ 3072 - Transfer of distributional interest - Vermont Statutes

§ 3072. Transfer of distributional interest

A transfer of a distributional interest does not entitle the transferee to become or to exercise any rights of a member. A transfer of a distributional interest entitles the transferee to receive, to the extent transferred, only the distributions to which the transferor would be entitled. A member ceases to be a member upon transfer of all of the member's distributional interest other than a transfer for security purposes or a court order charging the member's distributional interest, which in either case has not been foreclosed. (Added 1995, No. 179 (Adj. Sess.), § 4.)