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2010 Florida Statutes 608.428 - Liability upon wrongful distribution

Florida Statutes > Title XXXVI > Chapter 608 > § 608.428 - Liability upon wrongful distribution


Current as of: 2010

   (1) If a member receives a distribution in violation of the articles of organization, the operating agreement, or this chapter, the member is liable to the limited liability company for a period of 3 years thereafter for the amount of the distribution wrongfully made.

   (2) A member may not receive a distribution from a limited liability company to the extent that, after giving effect to the distribution, the limited liability company would be insolvent.

s. 32, ch. 93-284; s. 54, ch. 97-102; s. 1, ch. 99-315;

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