48-2c-1007 - Distribution in kind.
48-2c-1007. Distribution in kind.
(1) Except as otherwise provided in the articles of organization or operating agreement, amember, regardless of the nature of the member's contribution, has no right to demand andreceive 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 articlesor organization or operating agreement, a member may not be compelled to accept a distributionof any asset in kind from a company to the extent that the percentage of the asset distributed tothe member exceeds a percentage of that asset which is equal to the percentage in which themember shares in distributions from the company.
Enacted by Chapter 260, 2001 General Session