Legislation
SECTION 506
Right to distribution
Limited Liability Company Law (LLC) CHAPTER 34, ARTICLE 5
§ 506. Right to distribution. Subject to sections five hundred eight
and seven hundred four of this chapter, at the time a member becomes
entitled to receive a distribution, such member has the status of, and
is entitled to all remedies available to, a creditor of the limited
liability company with respect to the distribution.
and seven hundred four of this chapter, at the time a member becomes
entitled to receive a distribution, such member has the status of, and
is entitled to all remedies available to, a creditor of the limited
liability company with respect to the distribution.