Section 275.220 - Member not entitled to distribution other than in cash - Restriction on in-kind distributionUnless otherwise provided in a written operating agreement:
(1) A member, regardless of the nature of the member's contribution, shall not have a right to demand and receive any distribution from the limited liability company in any form other than cash;(2) A member shall not be compelled to accept from a limited liability company a distribution of any asset in kind to the extent that the percentage of the asset distributed to the member exceeds the percentage that the member would have shared in a cash distribution equal to the value of the property at the time of distribution; and(3) The property of a limited liability company shall not be subject to KRS 381.135(1)(a) 1.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 133, sec. 33, effective7/15/2010. -- Amended 1998, Ky. Acts ch. 341, sec. 33, effective 7/15/1998. -- Created 1994 Ky. Acts ch. 389, sec. 44, effective 7/15/1994.