§ 47-34A-405 Sharing of and right to distributions.

SD Codified L § 47-34A-405 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

47-34A-405. Sharing of and right to distributions. (a) Any distributions made by a limited liability company before its dissolution and winding up must be in equal shares.

(b) A member has no right to receive, and may not be required to accept, a distribution in kind.

(c) If 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.

Source: SL 1998, ch 272, § 405.