The bill amends the Michigan Limited Liability Company Act by updating the language regarding the ownership of membership interests. Specifically, it clarifies that membership interests are considered personal property and can be held in any manner typical for personal property. The bill replaces the term "husband and wife" with "spouses," allowing spouses to hold a membership interest in joint tenancy under the same conditions that apply to jointly held real estate, including the right of survivorship in the event of one spouse's death.

Additionally, the bill states that a member does not have an interest in specific limited liability company property. The enactment of this amendment is contingent upon the passage of certain resolutions in the 103rd Legislature that would become part of the state constitution.

Statutes affected:
House Introduced Bill: 450.4504