101.207 – CREDITOR STATUS WITH RESPECT TO DISTRIBUTION.
Texas Business Organizations Code § 101.207
Summary
This law establishes that members of a limited liability company (LLC) who are entitled to distributions are considered creditors of the LLC. This status grants them access to remedies typically available to creditors if the distribution is not made.
Members entitled to distributions are treated as creditors.
Provides access to creditor remedies for unpaid distributions.
Subject to specific sections of the Business Organizations Code.
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In simple terms: Learn about Texas's CREDITOR STATUS WITH RESPECT TO DISTRIBUTION. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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