275.200 Obligation to make contribution -- Compromise.

202 words·~1 min read·/ky/chapter-275/275-200

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

(1)An obligation of a member to make a contribution to the limited liability company

shall not be enforceable unless set forth in a writing signed by the member.

(2)Unless otherwise provided in an operating agreement, a member shall be obligated

to the limited liability company to perform any enforceable promise to contribute

cash or property or to perform services, even if the member is unable to perform

because of death, disability, or other reason.

(3)If a member does not make a required contribution of property or services, then the

member shall be obligated, at the option of the limited liability company, to

contribute cash equal to that portion of value of the stated contribution that has not

been made.

(4)Unless otherwise provided in an operating agreement, an obligation of a member to

make a contribution may be compromised only with the unanimous consent of the

members.

(5)Notwithstanding any compromise approved pursuant to subsection

(4)of this

section, a creditor of a limited liability company who extends credit or otherwise

acts in reliance on an obligation after the member executes a writing which reflects

that obligation and before any such compromise is reached, may enforce the original

obligation.