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2021 Arizona Revised Statutes
Title 29 - Partnership
§ 29-3406 - Liability for improper distributions
Universal Citation: AZ Rev Stat § 29-3406 (2021)
29-3406. Liability for improper distributions
A. A person that receives a distribution that violates section 29-3405 is personally liable to the limited liability company but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid to that person under section 29-3405.
B. An action under this section is barred unless commenced not later than three years after the distribution.
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