§ 23-18-5-1 — Promises to contribute property or services; enforceability

Indiana § 23-18-5-1

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18: LIMITED LIABILITY COMPANIES
• Ch. 5: Finance

Text

(a) A promise by a member to make a
contribution to the limited liability company is not enforceable unless
the promise is written and signed by the member.
(b) Except as otherwise provided in a written operating agreement,
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 for any reason,
including death and disability.
(c) 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 the value of that portion
of the contribution that has not been made. This option is in addition
to and not in lieu of any other rights, including the right to specific
performance, that the limited liability company may have against the
member under the operating agreement or applicable law.

Legislative History

As added by P.L.8-1993, SEC.301.