2010 Maryland Code
CORPORATIONS AND ASSOCIATIONS
TITLE 4A - LIMITED LIABILITY COMPANY ACT
Subtitle 9 - Dissolution, Forfeiture, and Reinstatement
Section 906 - Distribution of assets.
§ 4A-906. Distribution of assets.
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 provided by the operating agreement, to the members in proportion to their respective capital interests, after the capital interests are adjusted by:
(i) Adding to the members' capital interests their respective shares of the profits of the limited liability company; and
(ii) Deducting from the members' capital interests their respective shares of the losses of the limited liability company and all distributions previously received by the members.
[1992, ch. 536; 1997, ch. 659, § 2.]
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