79-29-603 - Distribution in kind. - Mississippi Statutes

§ 79-29-603. Distribution in kind.
 

Except as provided in the certificate of formation or limited liability company agreement, a member, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in the certificate of formation or limited liability company 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 exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited liability company. 
 

Sources: Laws,  1994, ch. 402, § 39, eff from and after July 1, 1994.