§3109. Enforcement of claims against dissolved limited liability company

Link to law: http://legislature.vermont.gov/statutes/section/11/021/03109
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

021

:
LIMITED LIABILITY COMPANIES






Subchapter

008
:
WINDING UP COMPANY BUSINESS








[Section 3109 repealed effective July 1, 2016.]

[Section 3109 repealed effective July 1,

2016.]

§

3109. Enforcement of claims against dissolved limited liability company

A claim not

barred under section 3108 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 1995, No. 179

(Adj. Sess.), § 4.)
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