New Jersey Statutes - Title 42 Partnerships and Partnership Associations - 42:2B-41 Creditor status for member entitled to distribution
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42:2B-41. Creditor status for member entitled to distribution
41. Subject to sections 42 and 51 of this act, and unless otherwise provided in an operating agreement, at the time a member becomes entitled to receive a distribution, he has the status of, and is entitled to all remedies available to, a creditor of a 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.
L.1993,c.210,s.41.
Sections: 2b-34 2b-35 2b-36 2b-37 2b-38 2b-39 2b-40 2b-41 2b-42 2b-43 2b-44 2b-45 2b-46 2b-47 2b-48
Last modified: February 14, 2012
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