Texas Business Organizations Code
Sec. § 101.611
Member Status With Respect to Distribution


(a)

Subject to Sections 101.613 (Distributions), 101.617 (Procedures for Winding up and Termination of Series), 101.618 (Revocation of Voluntary Winding up), 101.619 (Cancellation of Event Requiring Winding up), and 101.620 (Continuation of Business), when a member associated with a series established under this subchapter is entitled to receive a distribution with respect to the series, the member, with respect to the distribution, has the same status as a creditor of the series and is entitled to any remedy available to a creditor of the series.

(b)

Section 101.206 (Prohibited Distribution; Duty to Return) does not apply to a distribution with respect to the series.
Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 40, eff. September 1, 2011.
Source
Last accessed
Jan. 23, 2020