(a) 
All property originally transferred to or acquired by a LLC is property of the LLC and not the members individually.
(b) 
Property acquired with LLC funds is presumed to be LLC property.
(c) 
Property may be acquired, held, and conveyed in the name of the LLC.
(Res. 08-A-053, 3/25/2008, on an emergency basis. Finalized after a public hearing 3/14/2016 via Res. 16-A-020, 3/28/2016)
The property of a LLC may be transferred by an instrument of transfer executed by any member 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 articles of operation.
(Res. 08-A-053, 3/25/2008, on an emergency basis. Finalized after a public hearing 3/14/2016 via Res. 16-A-020, 3/28/2016)
An LLC interest is personal property.
(Res. 08-A-053, 3/25/2008, on an emergency basis. Finalized after a public hearing 3/14/2016 via Res. 16-A-020, 3/28/2016)
(a) 
Unless otherwise provided in articles of operation:
(1) 
An LLC interest is assignable in whole or in part.
(2) 
An assignment of a LLC interest entitles the assignee to receive only the distributions and to share in the allocations of profits and losses to which the assignee would be entitled with respect to the assigned interest.
(3) 
An assignment or a LLC interest does not dissolve the LLC.
(4) 
The assignment of a LLC interest does not entitle the assignee to participate in the management or exercise rights of a member.
(5) 
The assignor of a LLC interest is not released from any personal liability arising under this Code as a member of the LLC solely as a result of the assignment.
(b) 
Unless otherwise provided in articles of operation, the granting of a security interest, lien, or other encumbrance in or against any or all of a member’s LLC interest is not assignable and shall not cause the member to cease to have the power to exercise any rights or powers of a member.
(Res. 08-A-053, 3/25/2008, on an emergency basis. Finalized after a public hearing 3/14/2016 via Res. 16-A-020, 3/28/2016)
On application to a court of competent jurisdiction, including a court other than the Tribal Court having valid jurisdiction over the member by any judgment creditor of a member, the court may charge the LLC interest of any member other than the Tribe 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 member’s LLC interest. This Section does not deprive any member of the benefit of any exemption laws applicable to the LLC interest. In no event shall the Tribe’s interest be attachable in abrogation of its sovereign immunity.
(Res. 08-A-053, 3/25/2008, on an emergency basis. Finalized after a public hearing 3/14/2016 via Res. 16-A-020, 3/28/2016)