N.Y. LLC Law § 509
This is the official text of N.Y. LLC Law § 509, part of New York’s LLC Law — part of the compiled statutory law of New York, published by the state as "LLC Law." Browse the sections below, each linked to its official government source.
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Distribution upon withdrawal
Official statutory text
§ 509. Distribution upon withdrawal. Except as provided in this\nchapter, upon withdrawal as a member of the limited liability company,\nany withdrawing member is entitled to receive any distribution to which\nhe or she is entitled under the operating agreement and, if not\notherwise provided in the operating agreement, he or she is entitled to\nreceive, within a reasonable time after withdrawal, the fair value of\nhis or her membership interest in the limited liability company as of\nthe date of withdrawal based upon his or her right to share in\ndistributions from the limited liability company.\n
Status: in_force · Read it on the official government site
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