183.0608 Liability for wrongful distribution. - Wisconsin Statutes

183.0608

183.0608 Liability for wrongful distribution.

183.0608(1)

(1) Except as provided in sub. (3), a member or manager who votes for or assents to a distribution in violation of s. 183.0607 or of an operating agreement is personally liable to the limited liability company for the amount of the distribution that exceeds what could have been distributed without violating s. 183.0607 or the operating agreement.

183.0608(2)

(2) Each member or manager who is liable under sub. (1) for a wrongful distribution is entitled to contribution from all of the following persons:

183.0608(2)(a)

(a) Every other member or manager who could be held liable under sub. (1) for the wrongful distribution.

183.0608(2)(b)

(b) Every member for the amount that the member received knowing that the distribution was made in violation of s. 183.0607 or of an operating agreement.

183.0608(3)

(3) A proceeding under this section is barred unless it is brought within 2 years after the date on which the effect of the distribution was measured under s. 183.0607.

183.0608 - ANNOT.

History: 1993 a. 112.