California Code
ARTICLE 2 - General Provisions and Definitions
Section 12245.2.

12245.2. “Preferred memberships” means memberships that have a preference over any other memberships with respect to distribution of assets on liquidation or with respect to payment of distributions.

(Added by Stats. 2013, Ch. 538, Sec. 1. (AB 1255) Effective January 1, 2014.)