Panel: LLC Membership Transfer Not Enforceable Under Maryland Statute

Mealey's (June 4, 2021, 12:25 PM EDT) -- ANNAPOLIS, Md. — A provision in a Maryland limited liability company operating agreement that purports to transfer a member’s economic interest at death is not enforceable because it was not executed with the formalities required in Maryland for the execution of a will, the Maryland Court of Special Appeals ruled May 26, holding that the membership interest is an asset of the decedent’s estate and reversing and remanding a lower court’s judgment....

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