Arizona Statutes
§ 29-3406 — Liability for improper distributions
Arizona § 29-3406
JurisdictionArizona
Title 29Arizona Revised Statutes
Ch. 7ARIZONA LIMITED LIABILITY COMPANY ACT
Art. 4Relations of Members to Each Other and to Limited Liability Company
This text of Arizona § 29-3406 (Liability for improper distributions) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ariz. Rev. Stat. Ann. § 29-3406 (2026).
Text
A.A person that receives a distribution that violates section 29-3405 is personally liable to the limited liability company but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid to that person under section 29-3405.
B.An action under this section is barred unless commenced not later than three years after the distribution.
Free access — add to your briefcase to read the full text and ask questions with AI
Nearby Sections
15
§ 29-1001
Definitions§ 29-1002
Knowledge and notice§ 29-1004
Supplemental principles of law§ 29-1006
Law governing internal relations§ 29-1011
Partnership as entity§ 29-1012
Formation of partnership§ 29-1013
Partnership property§ 29-1021
Partner agent of partnership§ 29-1022
Transfer of partnership propertyCite This Page — Counsel Stack
Bluebook (online)
Arizona § 29-3406, Counsel Stack Legal Research, https://law.counselstack.com/statute/az/29-3406.