Indiana Statutes
§ 23-18-5-7 — Unlawful distributions; liability
(a)A member or manager who votes for or
assents to a distribution in violation of the operating agreement or
section 6 of this chapter is personally liable to the limited liability
company for the amount of the distribution that exceeds the amount
that could have been distributed without violating the operating
agreement or section 6 of this chapter or if it is established that the
member or manager did not act in compliance with section 6 of this
chapter.
(b)Each member or manager held liable under subsection (a) for an
unlawful distribution is entitled to contribution from the following:
(1)Each other member or manager who could be held liable
under subsection (a) for the unlawful distribution.
(2)Each member for the amount the member received knowing
that the distribution was made i
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Legislative History
As added by P.L.8-1993, SEC.301.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"