§ 7-80-502 — Liability for contributions

(1) A member is obligated to the
limited liability company to perform any enforceable promise to contribute cash or
property or to perform services, even if the member is unable to perform because of
death, disability, or any other reason. If a member does not make the required
contribution of property or services, the member is obligated at the option of the
limited liability company to contribute cash equal to that portion of the value, as
stated in the limited liability records required to be kept by section 7-80-408, of
such contribution that has not been made.

(2) The obligation of a member to make a contribution or return money or
other property paid or distributed in violation of this article may be compromised
only by consent in writing of all the members. Notwithstanding the compromise, a
creditor of a limited liability company who extends credit or otherwise acts in
reliance on the original obligation may enforce the original obligation.

(3) No promise by a member to contribute to the limited liability company is
enforceable unless set out in a writing signed by the member.

Legislative History

Source: L. 90: Entire article added, p. 431, � 1, effective April 18. L. 94: (1) and (2) amended, p. 716, � 18, effective July 1. L. 2004: (1) amended, p. 942, � 8, effective July 1.