490A.1304 - DISTRIBUTION OF ASSETS UPON DISSOLUTION.
490A.1304 DISTRIBUTION OF ASSETS UPON DISSOLUTION. Upon the winding up of a limited liability company, the assets of the limited liability company shall be distributed in the order as follows: 1. To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited liability company other than for distributions to members under section 490A.803 or section 490A.805. 2. Unless otherwise provided in the articles of organization or an operating agreement, to members and former members in satisfaction of liabilities for distributions under section 490A.803 or section 490A.805. 3. Unless otherwise provided in the articles of organization or an operating agreement, to members first for the return of their capital contributions and second with respect to their interests in the limited liability company, in the proportions in which the members share in distributions.
Section History: Recent Form 92 Acts, ch 1151, § 71 Referred to in § 490A.305, 490A.809