Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 322B.55. Liability of members for illegal distributions

Subdivision 1. Liability. A member who receives a distribution made in violation ofsection 322B.54is liable to the limited liability company, its receiver or other person winding up its affairs, or a governor undersection 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 undersection 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.