Mich. Comp. Laws » Michigan Compiled Laws / Chapter 450 / Act 23 of 1993

Mich. Comp. Laws § 450.4504

Membership interest as personal property.

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MICHIGAN LIMITED LIABILITY COMPANY ACT


Act 23 of 1993


450.4504 Membership interest as personal property.

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

Notes of Decisions
Cited in 19 cases (7 in the last 5 years), 2004–2026 · leading case: Vanderwerp v. Plainfield Charter Township
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Vanderwerp v. Plainfield Charter Township (2008) michctapp · cites it 2× “” MCL 450.4504(2). Thus, petitioners could not claim the homestead exemption as persons under MCL 211.”
Tooling, Manufacturing & Technologies Ass'n v. Hartford Fire Insurance (2012) ca6 · cites it 2× “6 6 The district court also held that it would not “disregard the distinction the law makes between the [Agency and TMTA], and dishonor TMTA’s business decision to create the Agency as [a] separate legal entity and not add it as an insured to the Policy.”
Allard v. Allard (2016) mich · cites it 2× “MCL 450.4504(1). It is undisputed that all the limited liability companies *933 at issue were created by and titled in the plaintiffs name only.”
Salem Springs, LLC v. Salem Township (2015) michctapp “A limited liability company may, like a corporation, own and hold real *221 property.”
Signature Villas, LLC v. City of Ann Arbor (2006) michctapp “” MCL 450.4504(2). Section 27a(6) requires that, for there to be a transfer of ownership, either title to or a present interest in, and beneficial use of, property must be conveyed.”
Trident-Allied Associates, LLC v. Cypress Creek Associates, LLC (2004) mied “§ 450.4504(l)-(2). Similarly, members are not liable for the acts, debts, or obligations of the limited liability company.”
Lewiston v. Kohut (In re Lewiston) (2015) mied · cites it 3× “§§ 450.4504 and 600.6023a. M.C.L. § 450.4504 concerns membership interests in Michigan limited liability corporations, and is inapplicable to living trusts.”
Altobelli v. Hartmann (2014) michctapp “The circuit court’s determination that the vote was required, the lack of that vote, and the declaration in MCL 450.4504(1) that a membership interest in an LLC is personal property, were the basis on which the circuit court granted partial summary disposition on the claims of…”
in Re Lewerenz Estate (2021) michctapp · cites it 3× “Under MCL 450.4504(1), a membership interest in an LLC is personal property, and according to MCL 450.”
Earl H Allard Jr v. Christine a Allard (2016) mich · cites it 2× “MCL 450.4504(1). It is undisputed that all the limited liability companies at issue were created by and titled in the plaintiff’s name only.”
Dgi v. Farm Bureau General Insurance Co of Mich (2023) michctapp · cites it 2× “” MCL 450.4504(1), (2). Fourth, a person who is a member or manager of a limited liability company is not ordinarily liable “for the acts, debts, or obligations” of the company.”
John Herman Lemanski, Jr. (2022) mieb · cites it 2× “”1 In his Schedule C, also filed on the petition date, the Debtor claimed exemptions in this asset, in an amount of 100%, based on three Michigan statutes: Mich. Comp. Laws §§ 450.4504 , 600.6023a, and 557.”
Show all 19 citing cases →
— Mich. Comp. Laws § 450.4504(1) — 7 cases
Allard v. Allard (2016) mich “MCL 450.4504(1). It is undisputed that all the limited liability companies *933 at issue were created by and titled in the plaintiffs name only.”
Altobelli v. Hartmann (2014) michctapp “The circuit court’s determination that the vote was required, the lack of that vote, and the declaration in MCL 450.4504(1) that a membership interest in an LLC is personal property, were the basis on which the circuit court granted partial summary disposition on the claims of…”
in Re Lewerenz Estate (2021) michctapp “Under MCL 450.4504(1), a membership interest in an LLC is personal property, and according to MCL 450.”
Earl H Allard Jr v. Christine a Allard (2016) mich “MCL 450.4504(1). It is undisputed that all the limited liability companies at issue were created by and titled in the plaintiff’s name only.”
Estate of James Armour II v. Rodney W Hall (2017) michctapp
— Mich. Comp. Laws § 450.4504(2) — 10 cases
Vanderwerp v. Plainfield Charter Township (2008) michctapp “” MCL 450.4504(2). Thus, petitioners could not claim the homestead exemption as persons under MCL 211.”
Salem Springs, LLC v. Salem Township (2015) michctapp “A limited liability company may, like a corporation, own and hold real *221 property.”
Signature Villas, LLC v. City of Ann Arbor (2006) michctapp “” MCL 450.4504(2). Section 27a(6) requires that, for there to be a transfer of ownership, either title to or a present interest in, and beneficial use of, property must be conveyed.”
Allard v. Allard (2016) mich “MCL 450.4504(1). It is undisputed that all the limited liability companies *933 at issue were created by and titled in the plaintiffs name only.”
John Runco v. John Francis (2015) michctapp
— Mich. Comp. Laws § 450.4504(l) — 1 case
Trident-Allied Associates, LLC v. Cypress Creek Associates, LLC (2004) mied “§ 450.4504(l)-(2). Similarly, members are not liable for the acts, debts, or obligations of the limited liability company.”
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