TITLE 7
Corporations, Associations, and Partnerships

CHAPTER 7-16
The Rhode Island Limited Liability Company Act

SECTION 7-16-46


§ 7-16-46 Distribution of assets.

On the winding up 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 liabilities of the limited liability company other than liabilities for distributions to members under § 7-16-28 or § 7-16-29;

(2) Except as provided in the articles of organization or written operating agreement, to members or former members in satisfaction of liabilities for distributions under § 7-16-28 or § 7-16-29; and

(3) Except as provided in the articles of organization or a written operating agreement, to members and former members first to return their capital values and second in proportions in which the members share in distributions.

History of Section.
(P.L. 1992, ch. 280, § 1.)