Sec. 504.
(1) A membership interest is personal property and may be held in any manner in which personal property may be held. A husband and wife may hold a membership interest in joint tenancy in the same manner and subject to the same restrictions, consequences, and conditions that apply to the ownership of real estate held jointly by a husband and wife under the laws of this state, with full right of ownership by survivorship in case of the death of either.
(2) A member has no interest in specific limited liability company property.
History: 1993, Act 23, Eff. June 1, 1993 ;-- Am. 2002, Act 686, Imd. Eff. Dec. 30, 2002
Structure Michigan Compiled Laws
Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200)
Article 5 - (450.4501...450.4515)
Section 450.4501 - Members; Admission; Liability for Acts, Debts, or Obligations.
Section 450.4502 - Members; Voting Rights.
Section 450.4504 - Membership Interest as Personal Property.
Section 450.4508 - Encumbrance Against Membership Interest; Effect.
Section 450.4509 - Withdrawal of Member; Distribution; Expulsion.
Section 450.4510 - Commencement and Maintenance of Civil Suit by Company; Conditions.
Section 450.4511 - Investigation of Allegations; Stay of Derivative Proceeding.
Section 450.4514 - Termination of Derivative Proceeding; Court Order.