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Current as of January 01, 2024 | Updated by FindLaw Staff
Except as provided in the articles of organization or an operating agreement:
A. unless approved by all members, no member shall have the right to withdraw any part of his contribution to capital;
B. a member, regardless of the nature of the member's contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash; and
C. no member may be compelled to accept from a limited liability company a distribution of any asset in kind to the extent that the value of the percentage of the asset distributed to the member exceeds a percentage of the value of that asset which is equal to the percentage in which the member shares in distributions from the limited liability company.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 53. Corporations § 53-19-25. Withdrawals of capital and distributions in kind - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-53-corporations/nm-st-sect-53-19-25/
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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