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§ 4A-906. Asset distribution

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2012

West's Annotated Code of Maryland
Corporations and Associations
Title 4a. Limited Liability Company Act (Refs & Annos)
Subtitle 9. Dissolution, Forfeiture, and Reinstatement
Effective: October 1, 2012
MD Code, Corporations and Associations, § 4A-906
§ 4A-906. Asset distribution
On the winding up and termination of a limited liability company, the assets shall be distributed as follows:
(1) To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of the liabilities of the limited liability company; and
(2) Unless otherwise agreed, to the members in proportion to their respective capital contribution values, after the capital contribution values are adjusted by:
(i) Adding to the members' capital contribution values their respective shares of the profits of the limited liability company; and
(ii) Deducting from the members' capital contribution values their respective shares of the losses of the limited liability company and all distributions previously received by the members.

Credits

Added by Acts 1992, c. 536. Renumbered from Corporations and Associations § 4A-908 by Acts 1997, c. 659, § 2, eff. Oct. 1, 1997. Amended by Acts 2012, c. 599, § 1, eff. Oct. 1, 2012; Acts 2012, c. 600, § 1, eff. Oct. 1, 2012.
MD Code, Corporations and Associations, § 4A-906, MD CORP & ASSNS § 4A-906
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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