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§ 4A-604. Rights and obligations of assignee

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2020

West's Annotated Code of Maryland
Corporations and Associations
Title 4a. Limited Liability Company Act (Refs & Annos)
Subtitle 6. Membership
Effective: October 1, 2020
MD Code, Corporations and Associations, § 4A-604
§ 4A-604. Rights and obligations of assignee
Currentness
Membership
(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.
Rights and liabilities
(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.

Credits

Added by Acts 1992, c. 536. Amended by Acts 1997, c. 659, § 1, eff. Oct. 1, 1997; Acts 2011, c. 597, § 1, eff. June 1, 2011; Acts 2012, c. 599, § 1, eff. Oct. 1, 2012; Acts 2012, c. 600, § 1, eff. Oct. 1, 2012; Acts 2013, c. 42, § 1, eff. April 9, 2013; Acts 2020, c. 400, § 1, eff. Oct. 1, 2020; Acts 2020, c. 401, § 1, eff. Oct. 1, 2020.
MD Code, Corporations and Associations, § 4A-604, MD CORP & ASSNS § 4A-604
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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