17-76,119.Distribution of assets.
(a) Upon the winding up of a limited liability company, the
assets shall be
distributed as follows:
(1) To creditors, including members and managers who are creditors, to the
extent otherwise
permitted by law, in satisfaction of liabilities of the limited liability
company (whether by payment
or the making of reasonable provision for payment thereof) other than
liabilities for which
reasonable provision for payment has been made and liabilities for
distributions to members and
former members under K.S.A. 17-76,104 or 17-76,107, and amendments
thereto;
(2) unless otherwise provided in an operating agreement, to members and
former members
in satisfaction of liabilities for distributions under K.S.A. 17-76,107, and
amendments thereto;
(3) unless otherwise provided in an operating agreement, to members first for
the return of
their contributions and second respecting their limited liability company
interests, in the proportions
in which the members share in distributions.
(b) A limited liability company which has dissolved shall pay or make
reasonable provision to pay all claims and obligations, including all
contingent, conditional or unmatured claims and
obligations, known to the limited liability company and all claims and
obligations which are known
to the limited liability company but for which the identity of the claimant is
unknown. If there are
sufficient assets, such claims and obligations shall be paid in full and any
such provision for payment
made shall be made in full. If there are insufficient assets, such claims and
obligations shall be paid
or provided for according to their priority and, among claims and obligations
of equal priority,
ratably to the extent of assets available therefor. Unless otherwise provided
in an operating
agreement, any remaining assets shall be distributed as provided in this act.
Any liquidating trustee
winding up a limited liability company's affairs who has complied with this
section shall not be
personally liable to the claimants of the dissolved limited liability company
by reasons of such
person's actions in winding up the limited liability company.
17-76,119.Distribution of assets.
(a) Upon the winding up of a limited liability company, the
assets shall be
distributed as follows:
(1) To creditors, including members and managers who are creditors, to the
extent otherwise
permitted by law, in satisfaction of liabilities of the limited liability
company (whether by payment
or the making of reasonable provision for payment thereof) other than
liabilities for which
reasonable provision for payment has been made and liabilities for
distributions to members and
former members under K.S.A. 17-76,104 or 17-76,107, and amendments
thereto;
(2) unless otherwise provided in an operating agreement, to members and
former members
in satisfaction of liabilities for distributions under K.S.A. 17-76,107, and
amendments thereto;
(3) unless otherwise provided in an operating agreement, to members first for
the return of
their contributions and second respecting their limited liability company
interests, in the proportions
in which the members share in distributions.
(b) A limited liability company which has dissolved shall pay or make
reasonable provision to pay all claims and obligations, including all
contingent, conditional or unmatured claims and
obligations, known to the limited liability company and all claims and
obligations which are known
to the limited liability company but for which the identity of the claimant is
unknown. If there are
sufficient assets, such claims and obligations shall be paid in full and any
such provision for payment
made shall be made in full. If there are insufficient assets, such claims and
obligations shall be paid
or provided for according to their priority and, among claims and obligations
of equal priority,
ratably to the extent of assets available therefor. Unless otherwise provided
in an operating
agreement, any remaining assets shall be distributed as provided in this act.
Any liquidating trustee
winding up a limited liability company's affairs who has complied with this
section shall not be
personally liable to the claimants of the dissolved limited liability company
by reasons of such
person's actions in winding up the limited liability company.
17-76,119.Distribution of assets.
(a) Upon the winding up of a limited liability company, the
assets shall be
distributed as follows:
(1) To creditors, including members and managers who are creditors, to the
extent otherwise
permitted by law, in satisfaction of liabilities of the limited liability
company (whether by payment
or the making of reasonable provision for payment thereof) other than
liabilities for which
reasonable provision for payment has been made and liabilities for
distributions to members and
former members under K.S.A. 17-76,104 or 17-76,107, and amendments
thereto;
(2) unless otherwise provided in an operating agreement, to members and
former members
in satisfaction of liabilities for distributions under K.S.A. 17-76,107, and
amendments thereto;
(3) unless otherwise provided in an operating agreement, to members first for
the return of
their contributions and second respecting their limited liability company
interests, in the proportions
in which the members share in distributions.
(b) A limited liability company which has dissolved shall pay or make
reasonable provision to pay all claims and obligations, including all
contingent, conditional or unmatured claims and
obligations, known to the limited liability company and all claims and
obligations which are known
to the limited liability company but for which the identity of the claimant is
unknown. If there are
sufficient assets, such claims and obligations shall be paid in full and any
such provision for payment
made shall be made in full. If there are insufficient assets, such claims and
obligations shall be paid
or provided for according to their priority and, among claims and obligations
of equal priority,
ratably to the extent of assets available therefor. Unless otherwise provided
in an operating
agreement, any remaining assets shall be distributed as provided in this act.
Any liquidating trustee
winding up a limited liability company's affairs who has complied with this
section shall not be
personally liable to the claimants of the dissolved limited liability company
by reasons of such
person's actions in winding up the limited liability company.