New York § 509 Distribution upon withdrawal

New York Statutes

§ 509 — Distribution upon withdrawal

New York § 509

Law LLCLimited Liability Company Law

Art. 5Contributions and Distributions

This text of New York § 509 (Distribution upon withdrawal) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Limited Liability Company Law § 509 (2026).

Text

  § 509. Distribution upon withdrawal. Except as provided in this\nchapter, upon withdrawal as a member of the limited liability company,\nany withdrawing member is entitled to receive any distribution to which\nhe or she is entitled under the operating agreement and, if not\notherwise provided in the operating agreement, he or she is entitled to\nreceive, within a reasonable time after withdrawal, the fair value of\nhis or her membership interest in the limited liability company as of\nthe date of withdrawal based upon his or her right to share in\ndistributions from the limited liability company.\n

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§ 509. Distribution upon withdrawal. Except as provided in this\nchapter, upon withdrawal as a member of the limited liability company,\nany withdrawing member is entitled to receive any distribution to which\nhe or she is entitled under the operating agreement and, if not\notherwise provided in the operating agreement, he or she is entitled to\nreceive, within a reasonable time after withdrawal, the fair value of\nhis or her membership interest in the limited liability company as of\nthe date of withdrawal based upon his or her right to share in\ndistributions from the limited liability company.\n