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Current as of March 08, 2022 | Updated by FindLaw Staff
A. A person's obligation to make a contribution to a limited liability company is not enforceable unless the obligation is set forth in a record signed by the person or as otherwise provided in § 29-3502, subsection H. A person's obligation to make a contribution to the company is not excused by the person's death, disability, termination or other inability to perform personally.
B. If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the limited liability company to contribute monies equal to the value of the part of the contribution that has not been made.
C. The obligation of a person to make a contribution may be compromised only by the affirmative vote or consent of all the members. If a creditor of a limited liability company extends credit or otherwise acts in reliance on an obligation described in subsection A of this section without knowledge or notice of a compromise under this subsection, the creditor may enforce the obligation.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 29. Partnership § 29-3403. Liability for contributions - last updated March 08, 2022 | https://codes.findlaw.com/az/title-29-partnership/az-rev-st-sect-29-3403/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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