2011 Florida Statutes 608.428 – Liability upon wrongful distribution
Current as of: 2011 | Check for updates
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(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;