275.220 Member not entitled to distribution other than in cash -- Restriction on in-

118 words·~1 min read·/ky/275-220

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

kind distribution. Unless otherwise provided in a written operating agreement:

(1)A member, regardless of the nature of the member's contribution, shall not have a

right to demand and receive any distribution from the limited liability company in

any form other than cash;

(2)A member shall not be compelled to accept from a limited liability company a

distribution of any asset in kind to the extent that the percentage of the asset

distributed to the member exceeds the percentage that the member would have

shared in a cash distribution equal to the value of the property at the time of

distribution; and

(3)The property of a limited liability company shall not be subject to KRS

381.135(1)(a)1.