2011 California Code
Corporations Code
TITLE 2.5. LIMITED LIABILITY COMPANIES [17000 - 17656]
CHAPTER 6. Distributions and Withdrawals
Section 17253
(a) A member, regardless of the nature of the member s contribution, has no right to demand and receive any distribution from a limited liability company in any form other than money.
(b) No member may be compelled to accept from a limited liability company a distribution of any asset in kind in lieu of a proportionate distribution of money being made to other members.
(c) Except upon a dissolution and winding up of a limited liability company, no member may be compelled to accept a distribution of any asset in kind.
(Added by Stats. 1994, Ch. 1200, Sec. 27. Effective September 30, 1994.)
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