322B.55 LIABILITY OF MEMBERS FOR ILLEGAL DISTRIBUTIONS.
Subdivision 1.
Liability. A member who receives a distribution made in violation of section
322B.54 is liable to the limited liability company, its receiver or other person winding up its
affairs, or a governor under section
322B.56, subdivision 2, but only to the extent that the
distribution received by the member exceeded the amount that properly could have been paid
under section
322B.54.
Subd. 2.
Statute of limitations. An action must not be commenced under this section more
than two years from the date of the distribution.
History: 1992 c 517 art 2 s 61