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Code · Michigan · Chapter 450 — Corporations

450.4508 Encumbrance against membership interest; effect.

73 words·~1 min read·/mi/chapter-450/450-4508

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450.4508 Encumbrance against membership interest; effect.
Sec. 508.
Unless otherwise provided in an operating agreement, the pledge or granting of a security interest, lien, or other encumbrance in or against any or all of the membership interest of a member does not cause the member to cease to be a member or to lose the power to exercise any rights or powers of a member.
History: 1993, Act 23, Eff. June 1, 1993
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