There is a newer version
of
the New York Laws
2020 New York Laws
LLC - Limited Liability Company Law
Article 5 - Contributions and Distributions
509 - Distribution Upon Withdrawal.
Universal Citation: NY LLC L § 509 (2020)
§ 509. Distribution upon withdrawal. Except as provided in this chapter, upon withdrawal as a member of the limited liability company, any withdrawing member is entitled to receive any distribution to which he or she is entitled under the operating agreement and, if not otherwise provided in the operating agreement, he or she is entitled to receive, within a reasonable time after withdrawal, the fair value of his or her membership interest in the limited liability company as of the date of withdrawal based upon his or her right to share in distributions from the limited liability company.
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