Section 275.200 - Obligation to make contribution - Compromise(1) An obligation of a member to make a contribution to the limited liability company shall not be enforceable unless set forth in a writing signed by the member.(2) Unless otherwise provided in an operating agreement, a member shall be obligated to the limited liability company to perform any enforceable promise to contribute cash or property or to perform services, even if the member is unable to perform because of death, disability, or other reason.(3) If a member does not make a required contribution of property or services, then the member shall be obligated, at the option of the limited liability company, to contribute cash equal to that portion of value of the stated contribution that has not been made.(4) Unless otherwise provided in an operating agreement, an obligation of a member to make a contribution may be compromised only with the unanimous consent of the members.(5) Notwithstanding any compromise approved pursuant to subsection (4) of this section, a creditor of a limited liability company who extends credit or otherwise acts in reliance on an obligation after the member executes a writing which reflects that obligation and before any such compromise is reached, may enforce the original obligation.Effective:7/15/2010
Repealed and reenacted 2010, Ky. Acts ch. 51, sec. 114, effective7/15/2010. -- Amended 2007, Ky. Acts ch. 137, sec. 114, effective 6/26/2007. --Created 1994 Ky. Acts ch. 389, sec. 40, effective 7/15/1994.