New Hampshire Revised Statutes 304-C:118 – Transfers, Etc.-Definitions
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I. A transfer of membership rights by a member shall mean any voluntary or involuntary transfer or other disposition of all or any part of those rights to another person, with or without consideration, including:
(a) A transfer by sale, exchange, gift, or assignment;
(b) A transfer, whether by will, trust, or otherwise, taking effect upon the death of the member; and
(c) A transfer by operation of law, including a transfer in connection with a merger of a member that is an entity into another entity, by execution of legal process, or under a divorce or bankruptcy decree.
II. The term “transfer” shall not include redemptions or pledges of membership rights.
III. A redemption of a member’s membership rights shall mean the extinguishment of those rights in exchange for a distribution of cash, other property, or other consideration from the limited liability company to the member.
IV. A grant of membership rights shall mean their issuance by the limited liability company to a member or other person.
V. A pledge shall mean an arrangement under which a member provides another person with an interest in all or any portion of the member’s membership rights in order to secure an obligation of the member.
(a) A transfer by sale, exchange, gift, or assignment;
Terms Used In New Hampshire Revised Statutes 304-C:118
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
(b) A transfer, whether by will, trust, or otherwise, taking effect upon the death of the member; and
(c) A transfer by operation of law, including a transfer in connection with a merger of a member that is an entity into another entity, by execution of legal process, or under a divorce or bankruptcy decree.
II. The term “transfer” shall not include redemptions or pledges of membership rights.
III. A redemption of a member’s membership rights shall mean the extinguishment of those rights in exchange for a distribution of cash, other property, or other consideration from the limited liability company to the member.
IV. A grant of membership rights shall mean their issuance by the limited liability company to a member or other person.
V. A pledge shall mean an arrangement under which a member provides another person with an interest in all or any portion of the member’s membership rights in order to secure an obligation of the member.