Hawaii Revised Statutes 428-502 – Transfer of distributional interest
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Terms Used In Hawaii Revised Statutes 428-502
- Distributional interest: means all of a member's interest in distributions by the limited liability company. See Hawaii Revised Statutes 428-101
- Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, and gift. See Hawaii Revised Statutes 428-101
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. A member ceases to be a member upon transfer of all of the member’s distributional interest, other than a transfer for security purposes, or a court order charging the member’s distributional interest, which has not been foreclosed.