§ 17704.03. — 17704.03. (Amended by Stats. 2015, Ch. 44, Sec. 23.)

California § 17704.03.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Title 2.6.: TITLE 2.6. CALIFORNIA REVISED UNIFORM LIMITED LIABILITY COMPANY ACT
• Art. 4.: ARTICLE 4. Relations of Members to Each Other and to the Limited Liability Company

Text

(a)
A person’s obligation to make a contribution to a limited liability company is not excused by the person’s death, disability, or other inability to perform personally. If a person does not make a required contribution, the person or the person’s estate is obligated to contribute money equal to the value of the part of the contribution that has not been made, at the option of the limited liability company.
(b)
The obligation of a member to make a contribution to a limited liability company may be compromised only by consent of all the members. A conditional obligation of a member to make a contribution to a limited liability company shall not be enforced unless the conditions of the obligation have been satisfied or waived as to or by that member. Conditional
obligations include contributions payable upon a discretionary call of a limited liability company before the time the call occurs.
(c)
A creditor of a limited liability company that extends credit or otherwise acts in reliance on an obligation described in subdivision (a) may enforce the obligation.
(d)
Nothing in this section shall be construed to affect the rights of third-party creditors of the limited liability company to seek equitable remedies or any rights existing under the Uniform Voidable Transactions Act (Chapter 1 (commencing with Section 3439) of Title 2 of Part 2 of Division 4 of the Civil Code).

Legislative History

Amended by Stats. 2015, Ch. 44, Sec. 23. (SB 161) Effective January 1, 2016.