Arizona Laws 29-3406. Liability for improper distributions
Current as of: 2023 | Check for updates
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A. A person that receives a distribution that violates section 29-3405 is personally liable to the limited liability company but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid to that person under section 29-3405.
Terms Used In Arizona Laws 29-3406
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, general cooperative association, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation or government or governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 29-3102
B. An action under this section is barred unless commenced not later than three years after the distribution.