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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
(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.
Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 4A-604 - last updated January 01, 2025 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-4a-604/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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