PART V. TRANSFEREES AND CREDITORS OF MEMBERS

 

[§428-501]  Member's distributionalinterest.  (a)  A member is not a co-owner of, and has no transferableinterest in, property of a limited liability company.

(b)  A distributional interest in a limited liabilitycompany is personal property and, subject to sections 428-502 and 428-503, maybe transferred in whole or in part.

(c)  An operating agreement may provide that adistributional interest may be evidenced by a certificate of the interestissued by the limited liability company and, subject to section 428-503, mayalso provide for the transfer of any interest represented by the certificate.[L 1996, c 92, pt of §1]