The Florida Senate

608.428  Liability upon wrongful distribution.--

(1)  If a member receives a distribution in violation of the articles of organization, the operating agreement, or this chapter, the member is liable to the limited liability company for a period of 3 years thereafter for the amount of the distribution wrongfully made.

(2)  A member may not receive a distribution from a liability company to the extent that, after giving effect to the distribution, all liabilities of the limited liability company, other than liabilities to members on account of their membership interests in the limited liability company, exceed the value of the limited liability company's assets.

History.--s. 32, ch. 93-284; s. 54, ch. 97-102; s. 1, ch. 99-315.