2020 New Mexico Statutes
Chapter 53 - Corporations
Article 19 - Limited Liability Companies
Section 53-19-25 - Withdrawals of capital and distributions in kind.
Except as provided in the articles of organization or an operating agreement:
A. unless approved by all members, no member shall have the right to withdraw any part of his contribution to capital;
B. 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 cash; and
C. no member may be compelled to accept from a limited liability company a distribution of any asset in kind to the extent that the value of the percentage of the asset distributed to the member exceeds a percentage of the value of that asset which is equal to the percentage in which the member shares in distributions from the limited liability company.
History: Laws 1993, ch. 280, ยง 25.
