490A.806 - DISTRIBUTION IN KIND. - Iowa Statutes

490A.806 DISTRIBUTION IN KIND. Unless otherwise provided in the articles of organization or an operating agreement, a member, regardless of the nature of the member's contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Unless otherwise provided in the articles of organization or an operating agreement, a member shall 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 the member exceeds the percentage of the member's membership interest in the limited liability company.          Section History: Recent Form 92 Acts, ch 1151, § 49