- (a) A person’s obligation to make a contribution to a limited liability company shall not be excused by the person’s death, disability, or other inability to perform personally. If a person does not fulfill an obligation, other than a monetary obligation, the person 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.
- (b) The obligation of a person to make a contribution may be compromised only by consent of all members. A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subsection (a) of this section without notice of a compromise under this subsection may enforce the obligation.
Editor's Notes
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
Uniform Law: This section is based on § 403 of the Uniform Limited Company Act (2006 Act).
History
July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720
Mar. 5, 2013, D.C. Law 19-210, § 2(h)(5)(C), 59 DCR 13171
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 rewrote the section.
Section References
This section is referenced in § 29-805.02.