§ 4A-906. Distribution of assets

   On the winding up and termination of a limited liability company, the assets shall be distributed as follows:

   (1) To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of the liabilities of the limited liability company; and

   (2) Unless otherwise agreed, to the members in proportion to their respective capital contribution values, after the capital contribution values are adjusted by:

      (i) Adding to the members' capital contribution values their respective shares of the profits of the limited liability company; and

      (ii) Deducting from the members' capital contribution values their respective shares of the losses of the limited liability company and all distributions previously received by the members.

HISTORY: 1992, ch. 536; 1997, ch. 659, § 2; 2012, chs. 599, 600.