Ky. Rev. Stat. § 275.310

Current through 2024 Ky. Acts ch.225

Section 275.310 - Distribution of assets

Upon the winding up of a limited liability company, the assets shall be distributed as follows:

(1) First, payment or adequate provisions for payment shall be made to creditors, including, to the extent permitted by law, members who are creditors in satisfaction of liabilities of the limited liability company;

(2) Second, unless otherwise provided in a written operating agreement, to members and assignees in satisfaction of liabilities for distributions under KRS 275.210; and

(3) Third, unless otherwise provided in a written operating agreement, to members and assignees for the return of their contributions; and

(4) Fourth, unless otherwise provided in a written operating agreement, to members and assignees in proportion to their respective rights to share in distributions from the limited liability company prior to dissolution.

KRS 275.310

Effective:7/15/2010
Amended 2010, Ky. Acts ch. 133, sec. 40, effective7/15/2010. -- Amended 1998, Ky. Acts ch. 341, sec. 57, effective 7/15/1998. -- Created 1994 Ky. Acts ch. 389, sec. 62, effective 7/15/1994.