42:2C-33 Liability for contributions.
109 words·~1 min read·
/nj/title-42/chapter-2c/42-2c-33A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33. Liability for Contributions.
a. A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally. If a person does not make a required contribution of property or services, the person or the person's estate is obligated, at the option of the company, to contribute money equal to the value of the part of the contribution which has not been made.
b. A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subsection a. of this section may enforce the obligation.
L.2012, c.50, s.33.