42:2B-41 - Creditor status for member entitled to distributionĀ
42:2B-41. Creditor status for member entitled to distributionĀ
41.Ā Subject to sections 42 and 51 of this act, and unless otherwise provided in an operating agreement, at the time a member becomes entitled to receive a distribution, he has the status of, and is entitled to all remedies available to, a creditor of a limited liability company with respect to the distribution.Ā An operating agreement may provide for the establishment of a record date with respect to allocations and distributions by a limited liability company.Ā
L.1993,c.210,s.41.Ā
Ā
41.Ā Subject to sections 42 and 51 of this act, and unless otherwise provided in an operating agreement, at the time a member becomes entitled to receive a distribution, he has the status of, and is entitled to all remedies available to, a creditor of a limited liability company with respect to the distribution.Ā An operating agreement may provide for the establishment of a record date with respect to allocations and distributions by a limited liability company.Ā
L.1993,c.210,s.41.Ā
Ā