{"data":{"id":"us-pa/15-pa.c.s.-8852","jurisdiction":"us-pa","citation":"15 Pa.C.S. § 8852","heading":"Transfer of transferable interest.","body":"(a) General rule.--Subject to section 8853(f) (relating to charging order), a transfer, in whole or in part, of a transferable interest:\n(1) is permissible;\n(2) does not by itself cause the dissociation of the transferor as a member or a dissolution and winding up of the limited liability company's activities and affairs; and\n(3) subject to section 8854 (relating to power of personal representative of deceased member), does not entitle the transferee to:\n(i) participate in the management or conduct of the company's activities and affairs; or\n(ii) except as provided in subsection (c), have access to records or other information concerning the company's activities and affairs.\n(b) Right to distributions.--A transferee has the right to receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled.\n(c) Right to account on dissolution.--In a dissolution and winding up of a limited liability company, a transferee is entitled to an account of the company's transactions only from the date of dissolution.\n(d) Certificate of interest.--A transferable interest may be evidenced by a certificate of the interest issued by the limited liability company in record form and, subject to this section, the interest represented by the certificate may be transferred by a transfer of the certificate.\n(e) Recognition of transferee's rights.--A limited liability company need not give effect to a transferee's rights under this section until the company knows or has notice of the transfer.\n(f) Transfer restrictions.--A transfer of a transferable interest in violation of a restriction on transfer contained in the operating agreement is ineffective if the intended transferee has knowledge or notice of the restriction at the time of transfer.\n(g) Rights retained by transferor.--Except as provided in section 8861(5)(ii) (relating to events causing dissociation), if a member transfers a transferable interest, the transferor retains the rights of a member other than the transferable interest transferred and retains all the duties and obligations of a member.","path":["Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS","PART III PARTNERSHIPS AND LIMITED LIABILITY COMPANIES","CHAPTER 88 LIMITED LIABILITY COMPANIES","SUBCHAPTER E TRANSFERABLE INTERESTS AND RIGHTS OF TRANSFEREES AND CREDITORS"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=15\u0026div=0\u0026chpt=88\u0026sctn=52\u0026subsctn=0","current_through":"2026-07-28 (Statute Update stamp, 15 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:31:13Z","sha256":"7122491ee70bfbd8bf687ea26a83729bac7500841e22a799fc4f42f98b510d8b","source_id":"us-pa","stale":false,"prev":"us-pa/15-pa.c.s.-8851","next":"us-pa/15-pa.c.s.-8853"},"notice":"GroundRules: Original legal text. Not legal advice."}