Alaska Stat. § 10.50.425
This is the official text of Alaska Stat. § 10.50.425, part of Alaska’s Stat — part of the compiled statutory law of Alaska, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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Distribution of assets.
Official statutory text
Upon the winding up of a limited liability company, the assets of the company shall be distributed in the following manner and order of priority: (1) payment, or adequate provision for payment, to creditors, including, to the extent permitted by law, members who are creditors and not covered by (2) of this section, in satisfaction of the liabilities of the company;
(2) unless otherwise provided in an operating agreement of the company, payment to members or former members in satisfaction of the company's liabilities for distributions under AS 10.50.295 10.50.330;
(3) unless otherwise provided in an operating agreement of the company, to members and former members in the following order of priority: (A) for the return of their contributions; and
(B) in proportion to the members' respective rights to share in distributions from the company before dissolution.
(2) unless otherwise provided in an operating agreement of the company, payment to members or former members in satisfaction of the company's liabilities for distributions under AS 10.50.295 10.50.330;
(3) unless otherwise provided in an operating agreement of the company, to members and former members in the following order of priority: (A) for the return of their contributions; and
(B) in proportion to the members' respective rights to share in distributions from the company before dissolution.
Status: in_force · Read it on the official government site
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