North Dakota Code 10-32.1-29 – Liability for contributions
Current as of: 2023 | Check for updates
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1. The obligation of a person to make a contribution to a limited liability company is not excused by the death, disability, or other inability of the person to perform personally. If a person does not make a required contribution, then the person or the estate of the person is obligated to contribute money equal to the value of the part of the contribution which has not been made, at the option of the company.
Terms Used In North Dakota Code 10-32.1-29
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
2. A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subsection 1 may enforce the obligation.