§ 57C-5-02. Assignment of membership interest.
§57C‑5‑02. Assignment of membership interest.
Except as provided in thearticles of organization or a written operating agreement, a membershipinterest is assignable in whole or in part. An assignment of a membershipinterest does not dissolve the limited liability company or entitle theassignee to become or exercise any rights of a member. An assignment entitlesthe assignee to receive, to the extent assigned, only the distributions andallocations to which the assignor would be entitled but for the assignment. Except as provided in the articles of organization or a written operatingagreement, a member ceases to be a member upon assignment of all of hismembership interest. Except as provided in the articles of organization or awritten operating agreement, the pledge of, or granting of a security interest,lien, or other encumbrance in or against, all or any part of the membershipinterest of a member shall not cause the member to cease to be a member or thesecured party to have the power to exercise any rights or powers of a member. (1993,c. 354, s. 1.)