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<section article="gca" article_name="Corporations and Associations" number="4A-603" title_number="4A" title_name="Limited Liability Company Act" subtitle_number="6" subtitle_name="Membership">
  <level label="a">
    <text>Unless otherwise agreed:</text>
    <level label="1">
      <text>Only an economic interest in a limited liability company may be assigned; and</text>
    </level>
    <level label="2">
      <text>An economic interest is wholly or partly assignable.</text>
    </level>
  </level>
  <level label="b">
    <text>An assignment of an economic interest in a limited liability company does not:</text>
    <level label="1">
      <text>Dissolve the limited liability company; or</text>
    </level>
    <level label="2">
      <text>Entitle the assignee to:</text>
      <level label="i">
        <text>Become a member; or</text>
      </level>
      <level label="ii">
        <text>Exercise any rights of a member, including the noneconomic interest of the assignor.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <text>If an assignee of an economic interest in a limited liability company becomes a member of the limited liability company, the assignor is not released from the assignor’s liability under § 4A–502 of this title to the limited liability company.</text>
  </level>
  <level label="d">
    <text>Unless otherwise agreed, on assignment of all of a member’s economic interest in a limited liability company, the member ceases to be a member of the limited liability company and forfeits the member’s noneconomic interest in the limited liability company.</text>
  </level>
  <level label="e">
    <text>The pledge or grant of a security interest, lien, or other encumbrance in or against all or a part of the economic interest of a member does not cause the member to cease to be a member or affect the member’s noneconomic interest in the limited liability company.</text>
  </level>
</section>
