(805 ILCS 180/30-10)
Rights of a transferee.
(a) A transferee of a distributional interest may become a member of a
liability company if and to the extent that the transferor
gives the transferee the right in accordance with authority described in the
operating agreement or all other members consent.
(b) A transferee who has become a member, to the extent transferred, has the
rights and powers, and is subject to the restrictions and liabilities, of
a member under the operating agreement of a limited liability company and this
Act. A transferee who becomes a member also is liable for the
transferor member's obligations to make contributions under Section 20-5 and
for obligations under Section 25-35 to return unlawful distributions,
but the transferee is not obligated for the transferor member's liabilities
unknown to the transferee at the time the transferee becomes a member.
(c) Whether or not a transferee of a distributional interest becomes a
under subsection (a) of this Section, the transferor is not released from
the limited liability company under the operating agreement or this Act.
(d) A transferee who does not become a member is not entitled to participate
in the management or conduct of the limited liability company's business,
require access to information concerning the company's transactions, or, except as provided in subsections (c) and (d) of Section 1-40, inspect
or copy any of the company's records.
(e) A transferee who does not become a member is entitled to:
(1) receive, in accordance with the transfer,
distributions to which the transferor would otherwise be entitled;
(2) receive, upon dissolution and winding up of the
limited liability company's business:
(A) in accordance with the transfer, the net
amount otherwise distributable to the transferor; and
(B) a statement of account only from the date of
the latest statement of account agreed to by all the members.
(f) A limited liability company need not give effect to a transfer until it
has notice of the transfer.
(Source: P.A. 99-637, eff. 7-1-17