Nebraska § 21-154 Distribution of assets in winding
up limited liability company's activities

Nebraska Statutes

§ 21-154 — Distribution of assets in winding up limited liability company's activities

Nebraska § 21-154

Ch. 21Corporations and Other Companies

This text of Nebraska § 21-154 (Distribution of assets in winding up limited liability company's activities) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 21-154 (2026).

Text

(RULLCA 708) (a) In winding up its activities, a limited liability company must apply its assets to discharge its obligations to creditors, including members that are creditors.

(b)After a limited liability company complies with subsection (a) of this section, any surplus must be distributed in the manner set forth in the operating agreement or, if not so set forth, in the following order, subject, in any case, to any charging order in effect under section 21-142 :

(1)to each person owning a transferable interest that reflects contributions made by a member and not previously returned, an amount equal to the value of the unreturned contributions; and

(2)in equal shares among members and dissociated members, except to the extent necessary to comply with any transfer effective under sect

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(RULLCA 708) (a) In winding up its activities, a limited
liability company must apply its assets to discharge its obligations to creditors,
including members that are creditors.
(b) After a limited liability
company complies with subsection (a) of this section, any surplus must be
distributed in the manner set forth in the operating agreement or, if not
so set forth, in the following order, subject, in any case, to any charging
order in effect under section 21-142 :
(1) to each person owning a transferable interest
that reflects contributions made by a member and not previously returned,
an amount equal to the value of the unreturned contributions; and
(2) in equal shares among
members and dissociated members, except to the extent necessary to comply
with any transfer effective under section 21-141 .
(c) If a limited liability company
does not have sufficient surplus to comply with subdivision (b)(1) of this
section, any surplus must be distributed among the owners of transferable
interests in proportion to the value of their respective unreturned contributions.
(d) All distributions
made under subsections (b) and (c) of this section must be paid in money.