29-708. Distribution on winding up

 

(Rpld. 9/1/20)

 

On the winding up of a limited liability company, its assets shall be applied and distributed in the following order:

1. To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited liability company other than liabilities for distributions to members and former members under section 29-703 or 29-707.

2. Except as provided in an operating agreement, to members and former members in satisfaction of liabilities for distributions under section 29-703 or 29-707.

3. To the members in the manner provided in section 29-703, subsection B.