Texas Business Organizations Code
Sec. § 101.207
Creditor Status With Respect to Distribution

Subject to Sections 11.053 (Property Applied to Discharge Liabilities and Obligations) and 101.206 (Prohibited Distribution; Duty to Return), when a member of a limited liability company is entitled to receive a distribution from the company, the member, with respect to the distribution, has the same status as a creditor of the company and is entitled to any remedy available to a creditor of the company.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Last accessed
May. 7, 2021