§ 3109 - Enforcement of claims against dissolved limited liability company - Vermont Statutes

§ 3109. Enforcement of claims against dissolved limited liability company

A claim not barred under section 3108 of this title may be enforced against the dissolved limited liability company:

(1) to the extent of its undistributed assets, including any insurance assets held by the limited liability company that may be available to satisfy claims; or

(2) if the assets have been distributed in liquidation, against a member of the dissolved company to the extent of the member's proportionate share of the claim or the company's assets distributed to the member in liquidation, whichever is less, but a member's total liability for all claims under this section may not exceed the total amount of assets distributed to the member. (Added 1995, No. 179 (Adj. Sess.), § 4.)