86.346 - Distributions: Form; status of member or transferee. - Nevada Statutes

86.346  Distributions: Form; status of member or transferee.

      1.  Unless otherwise provided in the operating agreement, a member, regardless of the nature of the member’s contributions, or a transferee, regardless of the nature of the contributions of the transferee’s predecessor, has no right to demand or receive any distribution from a limited-liability company in any form other than cash.

      2.  Except as otherwise provided in NRS 86.391 and 86.521, and unless otherwise provided in the operating agreement, at the time a member or transferee becomes entitled to receive a distribution the member or transferee has the status of and is entitled to all remedies available to a creditor of the company with respect to the distribution.

      (Added to NRS by 1995, 2106; A 1997, 720)