California Corporations Code

§ 17711.08

CORP § 17711.08 Effective Jan 1, 2016Title 2.6 · Art. 11

Statute text

To the extent that the payment to dissenting members of the fair market value of their dissenting interests would require the dissenting members to return payment or a portion of the payment by reason of Section 17711.09 or the Uniform Voidable Transactions Act (Chapter 1 (commencing with Section 3439) of Title 2 of Part 2 of Division 4 of the Civil Code), then that payment or portion thereof shall not be made and the dissenting members shall become creditors of the limited liability company for the amount not paid, together with interest thereon at the legal rate on judgments until the date of payment, but subordinate to all other creditors in any proceeding relating to the winding up and dissolution of the limited liability company, such debt to be payable when permissible.

Legislative history

Amended by Stats. 2015, Ch. 44, Sec. 24. (SB 161) Effective January 1, 2016.