Code of Virginia § 13.1-1034. Distribution in kind.
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/va/title-13-1/chapter-12/13-1-1034·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in writing in the articles of organization or an operating agreement, a member, regardless of the nature of his or its contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in writing in the articles of organization or an operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed to him or it exceeds a percentage of that asset which his or its membership interest constitutes of all membership interests in the limited liability company.
1991, c. 168.