31 §673. Distribution (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11) - Maine Statutes

Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 13: LIMITED LIABILITY COMPANIES

Subchapter 6: DISTRIBUTIONS AND WITHDRAWAL

§673. Distribution

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

Except as provided in the operating agreement or articles of organization: [1993, c. 718, Pt. A, §1 (NEW).]

1. Distributions in cash. A member, regardless of the nature of that member's contribution, has no right to demand and receive a distribution from a limited liability company in any form other than cash; and

[ 1993, c. 718, Pt. A, §1 (NEW) .]

2. Distribution in kind. A member may not be compelled to accept from a limited liability company a distribution of an asset in kind to the extent that the percentage of that asset distributed to the member exceeds a percentage of that asset that is equal to the percentage in which the member shares in distributions from that limited liability company.

[ 1993, c. 718, Pt. A, §1 (NEW) .]

SECTION HISTORY

1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).