Ch. 659                                   1997 LAWS OF MARYLAND

(ii) Files a voluntary petition in bankruptcy;

(iii) Is adjudged bankrupt or insolvent or has entered against the person an
order for relief in any bankruptcy or insolvency proceeding;

(iv) Files a petition or answer seeking for that person any reorganization,
arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any
statute, law, or regulation;

(v) Seeks, consents to, or acquiesces in the appointment of a trustee for,
receiver for, or liquidation of the member or of all or any substantial part of the person's
properties; or

(vi) Files an answer or other pleading admitting or failing to contest the
material allegations of a petition filed against the person in any proceeding described in this

subsection;

(4) Unless otherwise provided in the operating agreement, or with the consent of
all other members, the continuation of any proceeding against the person seeking
reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under any statute, law, or regulation, for 120 days after the commencement thereof or
the appointment of a trustee, receiver, or liquidator for the members or all or any substantial
part of the person's properties without the person's agreement or acquiescence, which
appointment is not vacated or stayed for 120 days or, if the appointment is stayed, for 120 days
after the expiration of the stay during which period the appointment is not vacated;

(5) [In] UNLESS OTHERWISE PROVIDED IN THE OPERATING AGREEMENT.
IN the case of a member who is an individual the individual's:

(i) Death; or

(ii) Adjudication by a court of competent jurisdiction as incompetent to
manage the individual's person or property;

(6) [In] UNLESS OTHERWISE PROVIDED IN THE OPERATING AGREEMENT,
IN the case of a member who is acting as a member by virtue of being a trustee of a trust, the
termination of the trust;

(7) [In] UNLESS OTHERWISE PROVIDED IN THE OPERATING AGREEMENT,
IN the case of a member that is a partnership or another limited liability company, the
dissolution and commencement of winding up of the partnership or limited liability company;

(8) [In] UNLESS OTHERWISE PROVIDED IN THE OPERATING AGREEMENT,
IN the case of a member that is a corporation, the dissolution of the corporation or the
revocation of its charter; or

(9) [In] UNLESS OTHERWISE PROVIDED IN THE OPERATING AGREEMENT,
IN the case of a member that is an estate, the distribution by the fiduciary of the estate's entire
interest in the limited liability company.

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