State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-133

21-133. Sharing of and right to distributionsbefore dissolution.(ULLCA404) (a) Any distributions made by a limited liability company before itsdissolution and winding up must be in equal shares among members and dissociatedmembers, except to the extent necessary to comply with any transfer effectiveunder section 21-141 and any charging order in effect under section 21-142.(b) A person has a rightto a distribution before the dissolution and winding up of a limited liabilitycompany only if the company decides to make an interim distribution. A person'sdissociation does not entitle the person to a distribution.(c) A person does nothave a right to demand or receive a distribution from a limited liabilitycompany in any form other than money. Except as otherwise provided in subsection(c) of section 21-154, a limited liability company may distribute an assetin kind if each part of the asset is fungible with each other part and eachperson receives a percentage of the asset equal in value to the person's shareof distributions.(d)If a member or transferee becomes entitled to receive a distribution, themember or transferee has the status of, and is entitled to all remedies availableto, a creditor of the limited liability company with respect to the distribution. SourceLaws 2010, LB888, § 33.Operative Date: January 1, 2011