§ 48-3a-403. Liability for contributions.

Latest version.

(1)	A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally.

(2)	If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the limited liability company to contribute money equal to the value of the part of the contribution which has not been made.

(3)

The obligation of a person to make a contribution may be compromised only by consent of all members. If a creditor of a limited liability company extends credit or otherwise acts in reliance on an obligation described in Subsection (1) without notice of a compromise under this Subsection (3), the creditor may enforce the obligation.

Enacted by Chapter 412, 2013 General Session

                    
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