29-3406. Liability for improper distributions
64 words·~1 min read·
/az/title-29/29-3406A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A person that receives a distribution that violates section 29-3405 is personally liable to the limited liability company but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid to that person under section 29-3405.
B. An action under this section is barred unless commenced not later than three years after the distribution.