S.C. Code Ann. § 33-44-501

Member's distributional interest

Known as the South Carolina Uniform Limited Liability Company Act

The act spans §§ 33–33 (94 sections).

Applied in 3 court decisions — leading case In Re Brittain (2010)

Most recently applied in Campbell v. Hanckel (In re Hanckel) (May 2014)

1996 Act No. 343, SECTION 2.

How often courts cite this section

citing decisions per year

Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.

(a) A member is not a co-owner of, and has no transferable interest in, property of a limited liability company.

(b) A distributional interest in a limited liability company is personal property and, subject to Sections 33-44-502 and 33-44-503, may be transferred in whole or in part.

(c) An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to Section 33-44-503, may also provide for the transfer of any interest represented by the certificate.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.