A few years ago, a partner and I formed a llc and purchased a small retail business. Due to the large portion of intangible assets (70%Goodwill) in the agreed upon price, the seller agreed to finance. To protect his security interest, for collateral, we provided A signed, undated assignment of all membership interests in the llc in conjuction with our resignations as members of llc,also signed and undated. If this economic decline forces us to default, and these assignments and resignations are signed. Does he become obligated to the llcs obligations as well as it's recievables? (Leases,contracts,accounts payable and recievable)?The good and bad? The assignment states the words "Just as though the assigned party was actual owner"!