§ 7-16-29. Distributions upon withdrawal.
Upon the withdrawal of a member, except as otherwise provided in writing in an operating agreement, the withdrawn member and his or her legal representatives, successors and assigns do not have the right to receive any distribution by reason of the withdrawal but have only the rights of an assignee to receive distributions as to the withdrawn member’s interest during any continuation of the business of the limited liability company and upon completion of winding up less any damages recoverable against the withdrawn member if the event of withdrawal violated the limited liability company’s operating agreement.
History of Section.
P.L. 1992, ch. 280, § 1; P.L. 1997, ch. 188, § 5.