29-704. Distribution in kind


(Rpld. 9/1/20)


Except as otherwise provided in an operating agreement:

1. A member, regardless of the nature of his contribution, has no right to demand and receive a distribution from a limited liability company in a form other than cash.

2. A member may not be compelled to accept a distribution of any property other than cash from the limited liability company unless the member receives an undivided ownership interest in the property that is in the same percentage as he would have shared in a cash distribution equal to the value of the property at the time of distribution.