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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
021
:
LIMITED LIABILITY COMPANIES
Subchapter
005
:
TRANSFEREES AND CREDITORS OF MEMBER
[Section 3072 repealed effective July 1, 2016.]
[Section 3072 repealed effective July 1,
2016.]
§
3072. Transfer of distributional interest
A transfer of a
distributional interest does not entitle the transferee to become or to
exercise any rights of a member. A transfer of a distributional interest entitles
the transferee to receive, to the extent transferred, only the distributions to
which the transferor would be entitled. A member ceases to be a member upon
transfer of all of the member's distributional interest other than a transfer
for security purposes or a court order charging the member's distributional
interest, which in either case has not been foreclosed. (Added 1995, No. 179
(Adj. Sess.), § 4.)