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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>73763</law_id><section_number>13.1-1034</section_number><catch_line>Distribution in kind</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="12">Virginia Limited Liability Company Act</unit><unit label="article" level="3" order_by="1" identifier="6">Finance</unit></structure><text>
						<section><p>Except as provided in writing in the <span class="dictionary">articles of organization</span> or an <span class="dictionary">operating agreement</span>, a <span class="dictionary">member</span>, regardless of the nature of his or its <span class="dictionary">contribution</span>, has no right to demand and receive any <span class="dictionary">distribution</span> from a <span class="dictionary">limited liability company</span> in any form other than cash. Except as provided in writing in the <span class="dictionary">articles of organization</span> or an <span class="dictionary">operating agreement</span>, a <span class="dictionary">member</span> may not be compelled to accept a <span class="dictionary">distribution</span> of any asset in kind from a <span class="dictionary">limited liability company</span> to the extent that the percentage of the asset distributed to him or it exceeds a percentage of that asset which his or its <span class="dictionary">membership interest</span> constitutes of all <span class="dictionary">membership interests</span> in the <span class="dictionary">limited liability company</span>.</p></section></text><history>1991, c. 168.</history><metadata></metadata></law>
