Except as provided in this article, an owner is entitled to
receive distributions from an LLC before the owner's dissociation
from the LLC and before its dissolution and winding up to the extent
and at the times or upon the events specified in the operating agreement,
or to the extent and at the times determined by the owners or managers.
Distributions of cash or other assets of an LLC shall be allocated
among the owners as provided in the operating agreement, or if the
operating agreement does not so provide, on the basis of the value
of the contributions made by each owner.
Except as provided in this article, upon the distribution in
partial liquidation of an owner's interest, the redeeming owner
is entitled to receive the amount to which the owner is entitled under
the operating agreement and, if not otherwise provided in the operating
agreement, the fair value of the redeemed interest based on the owner's
right to share in distributions from the LLC.
Except as otherwise provided in this article, upon an event of dissociation under §
4.2-28 that does not cause dissolution of the LLC, a dissociating owner is entitled to receive any distribution to which the owner is entitled under the operating agreement and, if not otherwise provided in the operating agreement, the fair market value of the owner's interest in the LLC based on the owner's rights to share in distributions from the LLC.
Unless otherwise provided in the operating agreement:
A. An owner may not demand and receive any distribution from an LLC
in any form other than cash.
B. An owner may not be compelled to accept a distribution of any asset
in kind except for a liquidating distribution made proportionately.
At the time that an owner becomes entitled to receive a distribution
from an LLC, the owner has the status of and is entitled to all remedies
available to a creditor of the LLC with respect to the distribution;
provided, however, that such right shall not in any way limit any
other remedy available to such owner under any other provision of
applicable law of the Operating Agreement.