New Hampshire Revised Statutes 304-C:105 – Distributions Upon Member Dissociation
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I. Unless the operating agreement provides otherwise, any member, upon dissociation under N.H. Rev. Stat. § 304-C:100, N.H. Rev. Stat. § 304-C:101, or N.H. Rev. Stat. § 304-C:102, is entitled to receive any accrued distribution to which the member was entitled at the time of dissociation.
II. Unless the operating agreement provides otherwise, a dissociating member is not entitled to receive any payment for the value of the member’s membership rights, including the member’s limited liability company interest, as of the date of dissociation.
III. If a dissociated member receives no payment for the value of the member’s membership rights, including the member’s limited liability company interest, the dissociated member shall continue to have the rights of a transferee of a limited liability company interest under N.H. Rev. Stat. § 304-C:123, subject to the limited liability company’s right of offset under N.H. Rev. Stat. § 304-C:103, III.
II. Unless the operating agreement provides otherwise, a dissociating member is not entitled to receive any payment for the value of the member’s membership rights, including the member’s limited liability company interest, as of the date of dissociation.
Terms Used In New Hampshire Revised Statutes 304-C:105
- Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. Source: OCC
III. If a dissociated member receives no payment for the value of the member’s membership rights, including the member’s limited liability company interest, the dissociated member shall continue to have the rights of a transferee of a limited liability company interest under N.H. Rev. Stat. § 304-C:123, subject to the limited liability company’s right of offset under N.H. Rev. Stat. § 304-C:103, III.