Washington Code 25.15.226 – Right to distribution
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Subject to RCW 25.15.231 and 25.15.305, at the time a member becomes entitled to receive a distribution, that member has the status of, and is entitled to all remedies available to, a creditor of a limited liability company with respect to the distribution. A limited liability company agreement may provide for the establishment of a record date with respect to allocations and distributions by a limited liability company. The limited liability company’s obligation to make a distribution is subject to offset for any amount due and payable to the limited liability company by the person on whose account the distribution is made.
[ 2015 c 188 § 45.]
Terms Used In Washington Code 25.15.226
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080