Arizona Statutes
§ 29-3406 — Liability for improper distributions
Arizona·Title 29 Arizona Revised Statutes·Ch. 7 ARIZONA LIMITED LIABILITY COMPANY ACT·Art. 4 Relations of Members to Each Other and to Limited Liability Company
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.
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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 property