§ 14-11-504. Rights of Judgment Creditor
On application to a court of competent jurisdiction by any judgment creditor of a member or of any assignee of a member, the court may charge the limited liability company interest of the member or such assignee with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment […]
§ 14-11-505. Admission of Members
In connection with the formation of a limited liability company, a person is admitted as a member of the limited liability company upon the later to occur of: The formation of the limited liability company; or The time provided in and upon compliance with the articles of organization or a written operating agreement or, if […]
§ 14-11-506. Powers of Estate of a Deceased or Incompetent Member
Except as otherwise provided in the articles of organization or a written operating agreement, if a member who is an individual dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her person or his or her property, the member’s executor, administrator, guardian, conservator, or other legal […]
§ 14-11-501. Nature of Limited Liability Company Interest
A limited liability company interest is personal property. A member has no interest in specific limited liability company property. An operating agreement or the articles of organization may provide that a limited liability company interest may be evidenced by a certificate issued by the limited liability company. History. Code 1981, § 14-11-501 , enacted by […]
§ 14-11-502. Assignment of Limited Liability Company Interest
Except as otherwise provided in the articles of organization or a written operating agreement: A limited liability company interest is assignable in whole or in part; An assignment entitles the assignee to share in the profits and losses and to receive the distributions to which the assignor was entitled, to the extent assigned; An assignment […]
§ 14-11-503. Rights of Assignee to Become Member
Except as otherwise provided in the articles of organization or a written operating agreement: An assignee of a limited liability company interest may become a member only if the other members unanimously consent; An assignee who has become a member has, to the extent assigned, the rights and powers, and is subject to the restrictions […]