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4-32-602. Distributions on an event of dissociation.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-32-602. Distributions on an event of dissociation.
Upon the occurrence of an event of dissociation under § 4-32-802 which does not cause dissolution, other than an event of dissociation described in § 4-32-802(a)(3)(B), a dissociating member is entitled to receive any distribution which the member was entitled to receive prior to the event of dissociation. If an operating agreement does not provide the amount of or a method for determining the distribution to a dissociating member, the member shall receive within a reasonable time after dissociation the fair value of the member's interest in the limited liability company as of the date of dissociation based upon the member's right to share in distributions from the limited liability company.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-32-602
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-32-602
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1d590ac63e26882a02bbaff48f3861f8cc34bfb6ec89d53ac0f8e277883828a9
Source location: content.xml paragraph 21117
Stored source content
4-32-602. Distributions on an event of dissociation.
Upon the occurrence of an event of dissociation under § 4-32-802 which does not cause dissolution, other than an event of dissociation described in § 4-32-802(a)(3)(B), a dissociating member is entitled to receive any distribution which the member was entitled to receive prior to the event of dissociation. If an operating agreement does not provide the amount of or a method for determining the distribution to a dissociating member, the member shall receive within a reasonable time after dissociation the fair value of the member's interest in the limited liability company as of the date of dissociation based upon the member's right to share in distributions from the limited liability company.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-32-802. Events of dissociation.
(a) A person ceases to be a member of a limited liability company upon the occurrence of one (1) or more of the following events:
(1) The member withdraws by voluntary act from the limited liability company as provided in subsection (c) of this section;
(2) The member ceases to be a member of the limited liability company as provided in § 4-32-706;
(3) The member is removed as a member:
(A) In accordance with an operating agreement; or
(B) Unless otherwise provided in writing in an operating agreement, when the member assigns all of his or her interest in the limited liability company, by an affirmative vote of a majority of the members who have not assigned their interests;
(4) Unless otherwise provided in writing in an operating agreement or by the written consent of all members at the time, the member:
(A) Makes an assignment for the benefit of creditors;
(B) Files a voluntary petition in bankruptcy;
(C) Is adjudicated a bankrupt or insolvent;
(D) Files a petition or answer seeking for the member any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or rule;
(E) Files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the member in any proceeding of the nature described in subdivision (a)(4)(D) of this section; or
(F) Seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the member or of all or any substantial part of the member's properties;
(5) Unless otherwise provided in writing in an operating agreement or by the written consent of all members at the time, if:
(A) Within one hundred twenty (120) days after the commencement of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-32-802
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-32-802. This identifies an authority to review, not proof of applicability.