PART V. 
TRANSFEREES AND CREDITORS OF MEMBERS



 



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



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



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