322C.0403 LIABILITY FOR CONTRIBUTIONS. Subdivision 1. Impracticability no excuse. A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally. If a person does not make a required contribution, the person or the person's estate is obligated to contribute money equal to the value of the part of the contribution which has not been made, at the option of the company. Subd. 2. Creditor enforcement. A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subdivision 1 may enforce the obligation. History: 2014 c 157 art 1 s 32 322C.0403 LIABILITY FOR CONTRIBUTIONS. Subdivision 1. Impracticability no excuse. A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally. If a person does not make a required contribution, the person or the person's estate is obligated to contribute money equal to the value of the part of the contribution which has not been made, at the option of the company. Subd. 2. Creditor enforcement. A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subdivision 1 may enforce the obligation. History: 2014 c 157 art 1 s 32
Minnesota Legal Code