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Minnesota Legislature

Office of the Revisor of Statutes

    Subdivision 1. Generally. A membership interest is personal property. A member has
no interest in specific limited liability company property. All property of the limited liability
company is property of the limited liability company itself.
    Subd. 2. Statement of membership interest. At the request of any member, the limited
liability company shall state in writing the particular membership interest owned by that member
as of the moment the limited liability company makes the statement. The statement must describe
the member's rights to vote, if any, to share in profits and losses, and to share in distributions,
restrictions on assignments of financial rights under section 322B.31, subdivision 3, or governance
rights under section 322B.313, subdivision 6, then in effect, as well as any assignment of the
member's rights then in effect other than a security interest.
    Subd. 3. Grant of a security interest. For the purpose of any law relating to security
interests, a membership interest, governance rights, and financial rights are each to be
characterized as provided in section 336.8-103, paragraph (c).
History: 1992 c 517 art 2 s 25; 1993 c 137 s 30,31; 1996 c 361 s 15; 1999 c 85 art 2 s 11