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New York Limited Liability Company Law Section 505 - Distributions In Kind.

Legal Research Home > New York Lawyer > Limited Liability Company > New York Limited Liability Company Law Section 505 - Distributions In Kind.

    § 505. Distributions in kind. (a) Except as provided in the operating
  agreement,  a  member,  regardless  of  the  nature  of   his   or   her
  contribution,  has  no right to demand and receive any distribution from
  the limited liability company in any form other than cash.
    (b) Except as provided in the operating agreement, a member may not be
  compelled to accept a distribution of any asset in kind from  a  limited
  liability  company  to  the  extent  that  the  percentage  of the asset
  distributed to him or her exceeds a percentage of  that  asset  that  is
  equal  to the percentage in which he or she shares in distributions from
  the limited liability company.

Last modified: August 10, 2006