490A.808 - LIABILITY UPON WRONGFUL DISTRIBUTION. - Iowa Statutes

490A.808 LIABILITY UPON WRONGFUL DISTRIBUTION. If a member has received a distribution in violation of the articles of organization or an operating agreement or in violation of section 490A.807 of this chapter, then the member is liable to the limited liability company for a period of five years thereafter for the amount of the distribution wrongfully made.          Section History: Recent Form 92 Acts, ch 1151, § 51 Referred to in § 490A.902, 490A.903