Maine § 31 §1601 Application of assets in winding up limited liability company's activities

Maine Statutes

§ 31 §1601 — Application of assets in winding up limited liability company's activities

Maine § 31 §1601

Title 31PARTNERSHIPS AND ASSOCIATIONS

Ch. 21LIMITED LIABILITY COMPANIES

This text of Maine § 31 §1601 (Application of assets in winding up limited liability company's activities) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 31, § 31 §1601 (2026).

Text

Upon the winding up of a limited liability company, the assets must be applied as follows.

1.Payment to creditors. Payment, or adequate provision for payment, must be made to creditors, including, to the extent permitted by law, members who are creditors, in satisfaction of liabilities of the limited liability company.

2.Surplus. After a limited liability company complies with subsection 1, any surplus must be distributed:

3.Distribution in proportion to value. If the limited liability company does not have sufficient surplus to comply with subsection 2, paragraph A, any surplus must be distributed among the owners of transferable interests in proportion to the value of their respective unreturned contributions.

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Upon the winding up of a limited liability company, the assets must be applied as follows.
1.
Payment to creditors.
Payment, or adequate provision for payment, must be made to creditors, including, to the extent permitted by law, members who are creditors, in satisfaction of liabilities of the limited liability company.
2.
Surplus.
After a limited liability company complies with subsection 1, any surplus must be distributed:
3.
Distribution in proportion to value.
If the limited liability company does not have sufficient surplus to comply with subsection 2, paragraph A, any surplus must be distributed among the owners of transferable interests in proportion to the value of their respective unreturned contributions.