The property of an LLC may be transferred by an instrument of
transfer executed by any owner in the name of the LLC, unless management
is vested in managers, in which case the document of transfer shall
be executed by a manager, subject to any limitation that may be imposed
by the operating agreement.
An LLC interest is personal property.
Upon application to a court of competent jurisdiction, including
a court other than the Tribal Court having valid jurisdiction over
an owner, by any judgment creditor of the owner, the court may charge
the LLC interest of any owner (other than the Band) with payment of
the unsatisfied amount of the judgment. To the extent so charged,
the judgment creditor has only the rights of an assignee of the owner's
LLC interest in distributions made by the LLC to owners and other
assigned interest holders in the usual course of business. This section
does not deprive any owner of the benefit of any exemption laws applicable
to the LLC interest. In no event shall the Band's interest be
attachable in abrogation of its sovereign immunity.
If an owner who is an individual dies or a court of competent
jurisdiction adjudges the owner to be incompetent to manage his or
her person or property, the owner's personal representative,
administrator, guardian, conservator, trustee, or other legal representative
shall have all the rights of an assignee of the owner's interest.
If an owner is a corporation, trust, partnership, limited liability
company, or other entity and is dissolved or terminated, the powers
of that owner may be exercised by its legal representative or successor.