17-76,108. Distribution in kind.
17-76,108
17-76,108. Distribution in kind.
Except as provided in an operating agreement, a member,
regardless of the nature
of the member's 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 exceeds a
percentage of that asset
which is equal to the percentage in which the member shares in distributions
from the limited
liability company. Except as provided in the operating agreement, a member may
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 is equal to a percentage of that asset
which is equal to the
percentage in which the member shares in distributions from the limited
liability company.
History: L. 1999, ch. 119, § 47; Jan. 1, 2000.