347.105. Distribution, form of. — Except as otherwise provided in the operating agreement, a member, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in the operating agreement, a member may not be compelled to accept a distribution of any property other than cash from the limited liability company unless the members receive undivided ownership interests therein that are in the same proportions as they would have shared in a cash distribution equal to the value of such property at the time of distribution.
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(L. 1993 S.B. 66 & 20 § 359.762)
Effective 12-01-93
---- end of effective 01 Dec 1993 ----
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