S.C. Code Ann. § 33-43-704 – [Repealed eff January 1, 2001] Assignment of limited liability company interest | Midpage
§ 33-43-704
S.C. Code Ann. § 33-43-704
[Repealed eff January 1, 2001] Assignment of limited liability company interest
(A) Unless otherwise provided in writing in an operating agreement:
(1) a limited liability company interest is assignable in whole or in part;
(2) an assignment entitles the assignee to receive, to the extent assigned, only the distributions to which the assignor would be entitled;
(3) an assignment of a limited liability company interest does not dissolve the limited liability company or entitle the assignee to participate in the management and affairs of the limited liability company or to become or exercise any rights of a member;
(4) until the assignee of a limited liability company interest becomes a member, the assignor continues to be a member and to have the power to exercise any rights of a member, subject to the other members' right to remove the assignor pursuant to Section 33-43-802(A)(3)(b);
(5) until an assignee of a limited liability company interest becomes a member, the assignee has no liability as a member solely as a result of the assignment; and
(6) the assignor of a limited liability company interest is not released from his liability as a member solely as a result of the assignment.
(B) Unless otherwise provided in an operating agreement, the pledge of, or granting of a security interest, lien, or other encumbrance in or against, any or all of the limited liability company interest of a member is not an assignment and shall not cause the member to cease to be a member or to cease to have the power to exercise any rights or powers of a member.