42:2B-40 - Member distributions limited to cash - New-jersey Statutes

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Statutes > New-jersey > Title-42 > Section-42-2b > 42-2b-40

42:2B-40.    Member distributions limited to cash
    40. Except as provided in an operating agreement, a member, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in an operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed to him exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited liability company.

   L.1993,c.210,s.40.

State Codes and Statutes

Statutes > New-jersey > Title-42 > Section-42-2b > 42-2b-40

42:2B-40.    Member distributions limited to cash
    40. Except as provided in an operating agreement, a member, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in an operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed to him exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited liability company.

   L.1993,c.210,s.40.

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State Codes and Statutes

Statutes > New-jersey > Title-42 > Section-42-2b > 42-2b-40

42:2B-40.    Member distributions limited to cash
    40. Except as provided in an operating agreement, a member, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in an operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed to him exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited liability company.

   L.1993,c.210,s.40.