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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11 : Corporations, Partnerships and Associations

Chapter 025 : LIMITED LIABILITY COMPANIES

Subchapter 007 : WINDING UP OF COMPANY BUSINESS

(Cite as: 11 V.S.A. § 4109)
  • § 4109. Enforcement of claims against dissolved limited liability company

    A claim not barred under section 4108 of this title may be enforced against the dissolved limited liability company:

    (1) to the extent of its undistributed assets, including any insurance assets held by the limited liability company that may be available to satisfy claims; or

    (2) if the assets have been distributed in liquidation, against a member of the dissolved company to the extent of the member's proportionate share of the claim or the company's assets distributed to the member in liquidation, whichever is less, but a member's total liability for all claims under this section may not exceed the total amount of assets distributed to the member. (Added 2015, No. 17, § 2.)