§ 21-133 — Sharing of and right to distributions before dissolution

Nebraska § 21-133

• Jurisdiction: Nebraska
• Ch. 21: Corporations and Other Companies

Text

(RULLCA
404) (a) Any distributions made by a limited liability company before its
dissolution and winding up must be in equal shares among members and dissociated
members, except to the extent necessary to comply with any transfer effective
under section 21-141 and any charging order in effect under section 21-142 .
(b) A person has a right
to a distribution before the dissolution and winding up of a limited liability
company only if the company decides to make an interim distribution. A person's
dissociation does not entitle the person to a distribution.
(c) A person does not
have a right to demand or receive a distribution from a limited liability
company in any form other than money. Except as otherwise provided in subsection
(c) of section 21-154 , a limited liability company may distribute an asset
in kind if each part of the asset is fungible with each other part and each
person receives a percentage of the asset equal in value to the person's share
of distributions.
(d)
If a member or transferee becomes entitled to receive a distribution, the
member or transferee has the status of, and is entitled to all remedies available
to, a creditor of the limited liability company with respect to the distribution.

Legislative History

Source: Laws 2010, LB888, § 33.