Statute · New York Limited Liability Company Law
N.Y. Ltd. Liab. Co. Law § 509 — Distribution upon withdrawal
N.Y. Ltd. Liab. Co. Law § 509
- Type
- Statute
- Source
- New York Limited Liability Company Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 509. Distribution upon withdrawal. Except as provided in this chapter, upon withdrawal as a member of the limited liability company, any withdrawing member is entitled to receive any distribution to which he or she is entitled under the operating agreement and, if not otherwise provided in the…
Citator
N.Y. Ltd. Liab. Co. Law § 509 — Distribution upon withdrawal is in force in the current edition of the Code, and nothing recorded condemns it.
§ 509. Distribution upon withdrawal. Except as provided in this chapter, upon withdrawal as a member of the limited liability company, any withdrawing member is entitled to receive any distribution to which he or she is entitled under the operating agreement and, if not otherwise provided in the operating agreement, he or she is entitled to receive, within a reasonable time after withdrawal, the fair value of his or her membership interest in the limited liability company as of the date of withdrawal based upon his or her right to share in distributions from the limited liability company.