Distributions: Form; status of member or transferee.
1. Unless otherwise provided in the operating agreement, a member, regardless of the nature of his contributions, or a transferee, regardless of the nature of his predecessor’s contributions, has no right to demand or receive any distribution from a limited-liability company in any form other than cash.
2. Except as otherwise provided in NRS 86.391 and 86.521, and unless otherwise provided in the operating agreement, at the time a member or transferee becomes entitled to receive a distribution he has the status of and is entitled to all remedies available to a creditor of the company with respect to the distribution.
Last modified: February 26, 2006