§3072. Transfer of distributional interest

Link to law: http://legislature.vermont.gov/statutes/section/11/021/03072
Published: 2015

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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[Section 3072 repealed effective July 1, 2016.]

[Section 3072 repealed effective July 1,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.)
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