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(a) Except as provided in the operating agreement, a member, regardless of the nature of his or her contribution, has no right to demand and receive any distribution from the limited liability company in any form other than cash.
(b) Except as provided in the operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed to him or her exceeds a percentage of that asset that is equal to the percentage in which he or she shares in distributions from the limited liability company.
Cite this article: FindLaw.com - New York Consolidated Laws, Limited Liability Company Law - LLC § 505. Distributions in kind - last updated January 01, 2021 | https://codes.findlaw.com/ny/limited-liability-company-law/llc-sect-505/
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