Rhode Island General Laws 7-16-33. Right to distribution
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Unless otherwise provided in the operating agreement, at the time a member becomes entitled to receive a distribution, the member has the status of, and is entitled to all remedies available to, a creditor of the limited-liability company with respect to the distribution.
History of Section.
P.L. 1992, ch. 280, § 1.
Terms Used In Rhode Island General Laws 7-16-33
- Member: means a person with an ownership interest in a limited-liability company with the rights and obligations specified under this chapter. See Rhode Island General Laws 7-16-2
- Operating agreement: means any agreement, written or oral, of the members as to the affairs of a limited-liability company and the conduct of its business. See Rhode Island General Laws 7-16-2