State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-154

21-154. Distribution of assets in windingup limited liability company's activities.(ULLCA 708) (a) In winding up its activities, a limitedliability company must apply its assets to discharge its obligations to creditors,including members that are creditors.(b) After a limited liabilitycompany complies with subsection (a) of this section, any surplus must bedistributed in the manner set forth in the operating agreement or, if notso set forth, in the following order, subject, in any case, to any chargingorder in effect under section 21-142:(1) to each person owning a transferable interestthat reflects contributions made by a member and not previously returned,an amount equal to the value of the unreturned contributions; and(2) in equal shares amongmembers and dissociated members, except to the extent necessary to complywith any transfer effective under section 21-141.(c) If a limited liability companydoes not have sufficient surplus to comply with subdivision (b)(1) of thissection, any surplus must be distributed among the owners of transferableinterests in proportion to the value of their respective unreturned contributions.(d) All distributionsmade under subsections (b) and (c) of this section must be paid in money. SourceLaws 2010, LB888, § 54.Operative Date: January 1, 2011