490A.805 - DISTRIBUTION UPON WITHDRAWAL.
490A.805 DISTRIBUTION UPON WITHDRAWAL. Except as otherwise provided in this chapter, upon withdrawal, a withdrawing member is entitled to receive any distribution to which the member is entitled under the articles of organization or an operating agreement. If not otherwise provided in the articles of organization or an operating agreement, the member is entitled to receive, within a reasonable time after withdrawal, the fair value of the member's membership interest as of the date of withdrawal, based on the member's right to share in distributions from the limited liability company.
Section History: Recent Form 92 Acts, ch 1151, § 48 Referred to in § 490A.1304