N.Y. Limited Liability Company Law Section 509
Distribution upon withdrawal

Except as provided in this chapter, upon withdrawal as a member of the limited liability company, any withdrawing member is entitled to receive any distribution to which he or she is entitled under the operating agreement and, if not otherwise provided in the operating agreement, he or she is entitled to receive, within a reasonable time after withdrawal, the fair value of his or her membership interest in the limited liability company as of the date of withdrawal based upon his or her right to share in distributions from the limited liability company.

Source: Section 509 — Distribution upon withdrawal, https://www.­nysenate.­gov/legislation/laws/LLC/509 (updated Sep. 22, 2014; accessed May 24, 2025).

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Accessed:
May 24, 2025

Last modified:
Sep. 22, 2014

§ 509’s source at nysenate​.gov

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