State Codes and Statutes

Statutes > New-york > Llc > Article-5 > 505

§  505. Distributions in kind. (a) Except as provided in the operating  agreement,  a  member,  regardless  of  the  nature  of   his   or   her  contribution,  has  no right to demand and receive any distribution from  the limited liability company in any form other than cash.    (b) Except as provided in the operating agreement, a member may not be  compelled to accept a distribution of any asset in kind from  a  limited  liability  company  to  the  extent  that  the  percentage  of the asset  distributed to him or her exceeds a percentage of  that  asset  that  is  equal  to the percentage in which he or she shares in distributions from  the limited liability company.

State Codes and Statutes

Statutes > New-york > Llc > Article-5 > 505

§  505. Distributions in kind. (a) Except as provided in the operating  agreement,  a  member,  regardless  of  the  nature  of   his   or   her  contribution,  has  no right to demand and receive any distribution from  the limited liability company in any form other than cash.    (b) Except as provided in the operating agreement, a member may not be  compelled to accept a distribution of any asset in kind from  a  limited  liability  company  to  the  extent  that  the  percentage  of the asset  distributed to him or her exceeds a percentage of  that  asset  that  is  equal  to the percentage in which he or she shares in distributions from  the limited liability company.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Llc > Article-5 > 505

§  505. Distributions in kind. (a) Except as provided in the operating  agreement,  a  member,  regardless  of  the  nature  of   his   or   her  contribution,  has  no right to demand and receive any distribution from  the limited liability company in any form other than cash.    (b) Except as provided in the operating agreement, a member may not be  compelled to accept a distribution of any asset in kind from  a  limited  liability  company  to  the  extent  that  the  percentage  of the asset  distributed to him or her exceeds a percentage of  that  asset  that  is  equal  to the percentage in which he or she shares in distributions from  the limited liability company.