Public-domain · open source
OpenJurist

Minn. Stat. § 322C.0403

LIABILITY FOR CONTRIBUTIONS.

Known as the Minnesota Revised Uniform Limited Liability Company Act

The act spans §§ 322–322 (92 sections).

2014 c 157 art 1 s 32

Subdivision 1. Impracticability no excuse.

A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally. If a person does not make a required contribution, the person or the person's estate is obligated to contribute money equal to the value of the part of the contribution which has not been made, at the option of the company.

Subd. 2. Creditor enforcement.

A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subdivision 1 may enforce the obligation.

Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.