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A. Unless otherwise provided in articles of operation:

1. An LLC interest is assignable in whole or in part.

2. An assignment of an LLC interest entitles the assignee to receive only the distributions and to share in the allocations of profits and losses to which the assignee would be entitled with respect to the assigned interest.

3. An assignment of an LLC interest does not dissolve the LLC.

4. Unless and until the assignee becomes a member of the LLC under Section 2-606 of this Title, the assignment of an LLC interest does not entitle the assignee to participate in the management or exercise rights of a member.

5. Unless and until the assignee of an LLC interest becomes a member of the LLC under Section 2-606 of this Title, the assignor continues to be a member.

6. The assignor of an LLC interest is not released from any personal liability arising under this Act as a member of the LLC solely as a result of the assignment.

B. Unless otherwise provided in articles of operation, the granting of a security interest, lien, or other encumbrance in or against any or all of a member’s LLC interest is not assignable and shall not cause the member to cease to have the power to exercise any rights or powers of a member. ONCA 08-02, eff. June 13, 2008.