Section 509. Distribution upon withdrawal


Latest version.
  • Except  as  provided in this
      chapter, upon withdrawal as a member of the limited  liability  company,
      any  withdrawing member is entitled to receive any distribution to which
      he or she  is  entitled  under  the  operating  agreement  and,  if  not
      otherwise  provided in the operating agreement, he or she is entitled to
      receive, within a reasonable time after withdrawal, the  fair  value  of
      his  or  her  membership interest in the limited liability company as of
      the date of  withdrawal  based  upon  his  or  her  right  to  share  in
      distributions from the limited liability company.