Upon the winding up of a limited liability company, the assets of the company shall be distributed in the following manner and order of priority:
(1) payment, or adequate provision for payment, to creditors, including, to the extent permitted by law, members who are creditors and not covered by (2) of this section, in satisfaction of the liabilities of the company;
(2) unless otherwise provided in an operating agreement of the company, payment to members or former members in satisfaction of the company's liabilities for distributions under AS 10.50.295 - 10.50.330;
(3) unless otherwise provided in an operating agreement of the company, to members and former members in the following order of priority:
(A) for the return of their contributions; and
(B) in proportion to the members' respective rights to share in distributions from the company before dissolution.
Section: Previous 10.50.400 10.50.405 10.50.408 10.50.410 10.50.415 10.50.420 10.50.425 10.50.430 10.50.435 10.50.440 NextLast modified: November 15, 2016