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ORS 63.625

Known as the Oregon Limited Liability Company Act

The act spans §§ 63–63 (137 sections).

Applied in 2 court decisions — leading case Norris v. R & T Manufacturing, LLC (2014)

Most recently applied in Ameriflex Eng'g LLC v. Zoller (In re Ameriflex Eng'g LLC) (March 2018)

1993 c.173 §59; 1997 c.646 §11

Upon the winding up of a limited liability company, the assets shall be distributed as follows:

(1) To the extent permitted by law, to creditors, including members and former members who are creditors, in satisfaction of liabilities of the limited liability company other than liabilities for distributions to members under ORS 63.200 or 63.249;

(2) Except as provided in the articles of organization or any operating agreement, to members and former members of the limited liability company in satisfaction of the limited liability company’s obligations for distributions due and owing under ORS 63.200 or 63.249; and

(3) Except as provided in the articles of organization or any operating agreement, to members of the limited liability company first for the return of their previously unreturned contributions and thereafter in the proportions in which the members share in profits.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.