13.1-1034 - Distribution in kind. - Virginia Statutes

§ 13.1-1034. Distribution in kind.

Except as provided in writing in the articles of organization or an operatingagreement, a member, regardless of the nature of his or its contribution, hasno right to demand and receive any distribution from a limited liabilitycompany in any form other than cash. Except as provided in writing in thearticles of organization or an operating agreement, a member may not becompelled to accept a distribution of any asset in kind from a limitedliability company to the extent that the percentage of the asset distributedto him or it exceeds a percentage of that asset which his or its membershipinterest constitutes of all membership interests in the limited liabilitycompany.

(1991, c. 168.)