Md. Code, Corp. & Ass'ns § 4A-603 : CORPORATIONS AND ASSOCIATIONS — LIMITED LIABILITY COMPANY ACT — MEMBERSHIP —603 - Assignment of interest TEXT PDF (a) Unless otherwise agreed: (1) Only an economic interest in a limited liability company may be assigned; and (2) An economic interest is wholly or partly assignable. (b) An assignment of an economic interest in a limited liability company does not: (1) Dissolve the limited liability company; or (2) Entitle the assignee to: (i) Become a member; or (ii) Exercise any rights of a member, including the noneconomic interest of the assignor. (c) 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. (d) 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. (e) 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. Md. Code, CA § 4A-603 Amended by 2022 Md. Laws, Ch. 295, Sec. 1, eff. 10/1/2022. Amended by 2022 Md. Laws, Ch. 294, Sec. 1, eff. 10/1/2022. Amended by 2013 Md. Laws, Ch. 42, Sec. 1, eff. 4/9/2013.