2011 New Mexico Statutes
Chapter 53: Corporations
Article 19: Limited Liability Companies, 53-19-1 through 53-19-74
Section 53-19-28: Right to distribution.


NM Stat § 53-19-28 (1996 through 1st Sess 50th Legis) What's This?

53-19-28. Right to distribution.

At the time a member becomes entitled to receive a distribution, the member has the status of and is entitled, with respect to the distribution, to all remedies available to a creditor of the limited liability company. A member to whom a limited liability company is indebted as a consequence of a distribution to such member, which is not prohibited by Section 26 [53-19-26 NMSA 1978] of the Limited Liability Company Act, shall be a creditor at parity with the limited liability company's other general unsecured creditors, except to the extent that the limited liability company's indebtedness to such member is subordinated by agreement.

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