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
Last modified: October 10, 2016