2009 Nebraska Code
Chapter 21 CORPORATIONS AND OTHER COMPANIES
21-2619 Withdrawal or reduction of members' contributions to capital.

21-2619. Withdrawal or reduction of members' contributions to capital.

(1) A member shall not receive out of limited liability company property any part of such member's contributions to capital until:

(a) All liabilities of the limited liability company other than liabilities to members on account of their contributions to capital have been paid or there remains property of the limited liability company with an aggregate fair market value sufficient to pay them;

(b) The members constituting at least a majority in interest or such greater interest as specified in the articles of organization have consented unless the return of the contributions to capital may be rightfully obtained pursuant to section 21-2625; and

(c) The articles of organization are canceled or amended to set out any withdrawal or reduction of stated capital.

(2) In the absence of a statement in the articles of organization to the contrary or the consent of all members of the limited liability company, a member, irrespective of the nature of such member's contributions to capital, shall have no right to demand or receive specific property in satisfaction of a withdrawal or reduction of such member's capital accounts.

(3) A member of the limited liability company who has withdrawn from membership, but whose capital account has not been liquidated pursuant to the articles of organization or the operating agreement, shall have the status of a transferee as provided in section 21-2621 unless otherwise provided in the operating agreement.

Source

Laws 1993, LB 121, § 19;
Laws 1994, LB 884, § 34;
Laws 1996, LB 681, § 184;
Laws 1997, LB 631, § 12.
Termination Date: January 1, 2013