Except as provided in the operating agreement or articles of organization: [1993, c. 718, Pt. A, §1 (NEW).]
1. Distributions in cash. A member, regardless of the nature of that member's contribution, has no right to demand and receive a distribution from a limited liability company in any form other than cash; and
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Distribution in kind. A member may not be compelled to accept from a limited liability company a distribution of an asset in kind to the extent that the percentage of that asset distributed to the member exceeds a percentage of that asset that is equal to the percentage in which the member shares in distributions from that limited liability company.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).
Except as provided in the operating agreement or articles of organization: [1993, c. 718, Pt. A, §1 (NEW).]
1. Distributions in cash. A member, regardless of the nature of that member's contribution, has no right to demand and receive a distribution from a limited liability company in any form other than cash; and
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Distribution in kind. A member may not be compelled to accept from a limited liability company a distribution of an asset in kind to the extent that the percentage of that asset distributed to the member exceeds a percentage of that asset that is equal to the percentage in which the member shares in distributions from that limited liability company.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).
Except as provided in the operating agreement or articles of organization: [1993, c. 718, Pt. A, §1 (NEW).]
1. Distributions in cash. A member, regardless of the nature of that member's contribution, has no right to demand and receive a distribution from a limited liability company in any form other than cash; and
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Distribution in kind. A member may not be compelled to accept from a limited liability company a distribution of an asset in kind to the extent that the percentage of that asset distributed to the member exceeds a percentage of that asset that is equal to the percentage in which the member shares in distributions from that limited liability company.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).
