§ 2-704. Distribution of assets.
This section is included in your selections.
Upon the winding up of an LLC, the assets shall be distributed in the following order:
A. To creditors, including to the extent permitted by law, members, and former members in satisfaction of liabilities of the LLC.
B. Unless otherwise provided in articles of operation, to members and former members in satisfaction of liabilities for distributions under Sections 2-501, 2-503 and 2-504 of this Title.
C. Unless otherwise provided in articles of operation, to members and former members first for the return of their contributions in proportion to their respective values and, thereafter, in proportion to their respective rights to share in distributions from the LLC before dissolution. ONCA 08-02, eff. June 13, 2008.