§ 7-16-25. Liability for contribution.
(a) A promise by a member to make a capital contribution to the limited liability company
is not enforceable unless set out in a writing signed by the member.
(b) Except as provided in the operating agreement, a member's obligation to make his or
her capital contribution is not excused because of death, disability or other reason.
(c) If a member does not make a capital contribution of property or services as and when
promised, the member is obligated, at the option of the limited liability company,
to contribute cash equal to that p
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§ 7-16-25. Liability for contribution.
(a) A promise by a member to make a capital contribution to the limited liability company
is not enforceable unless set out in a writing signed by the member.
(b) Except as provided in the operating agreement, a member's obligation to make his or
her capital contribution is not excused because of death, disability or other reason.
(c) If a member does not make a capital contribution of property or services as and when
promised, the member is obligated, at the option of the limited liability company,
to contribute cash equal to that portion of the value of the capital contribution
that has not been made.
(d)(1) Unless otherwise provided in the operating agreement, the obligation of a member to
make a capital contribution may be compromised only with the unanimous consent of
the members.
(2) Notwithstanding the compromise, a creditor of a limited liability company who extends
credit or otherwise acts in reliance on that obligation after the member signs a writing
that reflects the obligation and before the compromise may enforce the original obligation.