Member's distributional interest

(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 § 47-34A-502 and § 47-34A-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 § 47-34A-503 , may also provide for the transfer of any interest represented by the certificate. Source: SL 1998, ch 272 , § 501.