Section 1705.23 | [Repealed Effective 2/11/2022 - See R.C. 1706.83] Liability for excess distribution, limitation.
A member who knowingly receives any distribution or payment made contrary to the articles of organization or the operating agreement of a limited liability company is liable to the company for the amount received by him that is in excess of the amount that could have been paid or distributed without a violation of the articles or the operating agreement. No action shall be brought by or on behalf of the company upon a cause of action arising under this section at any time after two years from the day on which the violation of the articles or operating agreement occurs.
Last updated August 30, 2021 at 12:14 PM
Available Versions of this Section
- July 1, 1994 – Amended by Senate Bill 74, 120th General Assembly [ View July 1, 1994 Version ]