2010 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
322B.55 LIABILITY OF MEMBERS FOR ILLEGAL DISTRIBUTIONS.
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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.
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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:
Official Publication of the State of Minnesota
Revisor of Statutes