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2006 Minnesota Statutes
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Chapter 322B
Section 322B.55
Topics
Recent History
- 2014 322B.55 Repealed 2014 c 157 art 1 s 91
This is an historical version of this statute chapter. Also view the most recent published version.
322B.55 LIABILITY OF MEMBERS FOR ILLEGAL DISTRIBUTIONS.
Subdivision 1. Liability. A member who receives a distribution made in violation of section
322B.54 is liable to the limited liability company, its receiver or other person winding up its
affairs, or a governor under section 322B.56, subdivision 2, but only to the extent that the
distribution received by the member exceeded the amount that properly could have been paid
under section 322B.54.
Subd. 2. Statute of limitations. An action must not be commenced under this section more
than two years from the date of the distribution.
History: 1992 c 517 art 2 s 61
Subdivision 1. Liability. A member who receives a distribution made in violation of section
322B.54 is liable to the limited liability company, its receiver or other person winding up its
affairs, or a governor under section 322B.56, subdivision 2, but only to the extent that the
distribution received by the member exceeded the amount that properly could have been paid
under section 322B.54.
Subd. 2. Statute of limitations. An action must not be commenced under this section more
than two years from the date of the distribution.
History: 1992 c 517 art 2 s 61
Official Publication of the State of Minnesota
Revisor of Statutes