An assignment of limited liability company (LLC) interests or limited partnership (LP) interests operates in the same way as a stock power. If collateral in a loan transaction includes LLC interests or LP interests that are classified under the UCC as certificated securities, the secured party typically requires delivery of any certificates representing these interests together with signed and undated assignments from the grantor to perfect its security interest. When completed and dated, the assignment transfers ownership of the LLC interests or LP interests from the grantor to the secured party (or its nominee). This Standard Document has integrated drafting notes with important explanations and drafting tips.