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2019 Michigan Compiled Laws
Chapter 450 - Corporations
Act 23 of 1993 Michigan Limited Liability Company Act (450.4101 - 450.5200)
Article 3 - (450.4301...450.4308)
Section 450.4306 Distributions; Demand, Acceptance, and Receipt of Distribution; Form.
Universal Citation: MI Comp L § 450.4306 (2019)
450.4306 Distributions; demand, acceptance, and receipt of distribution; form.
Sec. 306.
Except as provided in an operating agreement, a member, regardless of the nature of the member's contribution, has no right to demand and receive a distribution from a limited liability company in any form other than cash, and a member may not be compelled to accept from a limited liability company a distribution of an asset in kind to the extent that the percentage of the asset distributed to the member exceeds a percentage of that asset that is equal to the percentage in which the member shares in distributions from the limited liability company.
History: 1993, Act 23, Eff. June 1, 1993
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