§ 48-2c-1007. Distribution in kind.

Latest version.

(1)	Except as otherwise provided in the articles of organization or operating agreement, a member, regardless of the nature of the member's contribution, has no right to demand and receive any distribution from the company in any form other than cash.

(2)

Except for an asset contributed by the member or as otherwise provided in the articles or organization or operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a company to the extent that the percentage of the asset distributed to the member exceeds a percentage of that asset which is equal to the percentage in which the member shares in distributions from the company.

Enacted by Chapter 260, 2001 General Session

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');