490A.809 - RIGHT TO DISTRIBUTION.
490A.809 RIGHT TO DISTRIBUTION. Subject to sections 490A.807 and 490A.1304, and unless otherwise provided in an operating agreement, at the time a member becomes entitled to receive a distribution, the member has the status of, and is entitled to all remedies available to, a creditor of the limited liability company with respect to the distribution. An operating agreement may provide for the establishment of a record date with respect to allocations and distributions by a limited liability company.
Section History: Recent Form 97 Acts, ch 188, §71