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The Vermont Statutes Online
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[Section 3109 repealed effective July 1, 2016.]
[Section 3109 repealed effective July 1,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.)