The Florida Senate

608.428  Liability upon return of contribution.--

(1)

(a)  If a member receives the return of any part of his or her contribution without violation of the articles of organization, the regulations, or this chapter, he or she is liable to the limited liability company for a period of 1 year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited liability company's liabilities to creditors who extended credit to the limited liability company during the period the contribution was held by the limited liability company.

(b)  If a member receives the return of any part of his or her contribution in violation of the articles of organization, the regulations, or this chapter, he or she is liable to the limited liability company for a period of 6 years thereafter for the amount of the contribution wrongfully returned.

(2)  A member receives a return of his or her contribution to the extent that a distribution to the member reduces his or her share of the fair value of the net assets of the limited liability company below the value, as set forth in the records that the limited liability company is required to keep pursuant to s. 608.4101, of the member's contribution which has not been distributed to him or her.

History.--s. 32, ch. 93-284; s. 54, ch. 97-102.