A transfer of a distributional interest does not entitle the transferee to become or to exercise any rights of a member. A transfer entitles the transferee to receive, to the extent transferred, only the distributions to which the transferor would be entitled.
S.C. Code Ann. § 33-44-502
Transfer of distributional interest
Known as the South Carolina Uniform Limited Liability Company Act
The act spans §§ 33–33 (94 sections).
Applied in 1 court decision — leading case Turner v. Hunt Hill Apartments, LLC (2020)
Most recently applied in Turner v. Hunt Hill Apartments, LLC (February 2020)
1996 Act No. 343, SECTION 2.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.