State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-2620

21-2620. Liability of member to company.(1) A member shall be liable to the limited liability company:(a) For the difference between such member's contributions to stated capital as actually made and as stated in the articles of organization as having been made; and(b) For any unpaid contribution to stated capital which such member agreed in the articles of organization to make in the future at the time and on the conditions stated in the articles of organization.(2) A member holds as trustee for the limited liability company:(a) Specific property stated in the articles of organization as contributed by such member but which was not contributed or which has been wrongfully or erroneously returned; and(b) Money or other property wrongfully paid or conveyed to such member on account of such member's contributions to capital.(3) The liabilities of a member as set out in this section may be waived or compromised only by the consent of all members. A waiver or compromise shall not affect the right of a creditor of the limited liability company who extended credit or whose claim arose after the filing and before a cancellation or amendment of the articles of organization to enforce the liabilities.(4) When a contributor has rightfully received the return in whole or in part of such person's contributions to capital, the contributor shall be liable to the limited liability company for any sum, not in excess of the amount returned with interest, necessary to discharge the liability to all creditors of the limited liability company who extended credit or whose claims arose before the return for a period of three years from the date of distributions. SourceLaws 1993, LB 121, § 20; Laws 1994, LB 884, § 35; Laws 1997, LB 631, § 13.Termination Date: January 1, 2013