(1) Payment may not be made to a member seeking appraisal rights if, at the time of payment, the limited liability company is unable to meet the distribution standards of s. 605.0405. In such event, the member shall, at the member’s option:
(a) Withdraw the notice of intent to assert appraisal rights, which is deemed withdrawn with the consent of the limited liability company; or
(b) Retain the status as a claimant against the limited liability company and, if the limited liability company is liquidated, be subordinated to the rights of creditors of the limited liability company, but have rights superior to the members not asserting appraisal rights and, if the limited liability company is not liquidated, retain the right to be paid for the membership interest, which right the limited liability company shall be obligated to satisfy when the restrictions of this section do not apply.
(2) The member shall exercise the option under paragraph (1)(a) or paragraph (1)(b) by written notice filed with the limited liability company within 30 days after the limited liability company has given written notice that the payment for the membership interests cannot be made because of the restrictions of this section. If the member fails to exercise the option, the member is deemed to have withdrawn the notice of intent to assert appraisal rights.
History.—s. 2, ch. 2013-180.
Structure Florida Statutes
Title XXXVI - Business Organizations
Chapter 605 - Florida Revised Limited Liability Company Act
605.0105 - Operating Agreement; Scope, Function, and Limitations.
605.0108 - Nature, Purpose, and Duration of Limited Liability Company.
605.0110 - Limited Liability Company Property.
605.0111 - Rules of Construction and Supplemental Principles of Law.
605.0114 - Change of Registered Agent or Registered Office.
605.0115 - Resignation of Registered Agent.
605.0116 - Change of Name or Address by Registered Agent.
605.0117 - Service of Process, Notice, or Demand.
605.0118 - Delivery of Record.
605.0201 - Formation of Limited Liability Company; Articles of Organization.
605.0202 - Amendment or Restatement of Articles of Organization.
605.0203 - Signing of Records to Be Delivered for Filing to Department.
605.0204 - Signing and Filing Pursuant to Judicial Order.
605.0205 - Liability for Inaccurate Information in Filed Record.
605.0206 - Filing Requirements.
605.0207 - Effective Date and Time.
605.0208 - Withdrawal of Filed Record Before Effectiveness.
605.0209 - Correcting Filed Record.
605.0211 - Certificate of Status.
605.0212 - Annual Report for Department.
605.0213 - Fees of the Department.
605.0214 - Powers of Department.
605.0216 - Statement of Dissociation or Resignation.
605.0301 - Power to Bind Limited Liability Company.
605.0302 - Statement of Authority.
605.0303 - Statement of Denial.
605.0304 - Liability of Members and Managers.
605.0402 - Form of Contribution.
605.0403 - Liability for Contributions.
605.0404 - Sharing of Distributions Before Dissolution and Profits and Losses.
605.0405 - Limitations on Distributions.
605.0406 - Liability for Improper Distributions.
605.0407 - Management of Limited Liability Company.
605.04071 - Delegation of Rights and Powers to Manage.
605.04072 - Selection and Terms of Managers in a Manager-Managed Limited Liability Company.
605.04073 - Voting Rights of Members and Managers.
605.04074 - Agency Rights of Members and Managers.
605.0408 - Reimbursement, Indemnification, Advancement, and Insurance.
605.04091 - Standards of Conduct for Members and Managers.
605.04092 - Conflict of Interest Transactions.
605.04093 - Limitation of Liability of Managers and Members.
605.0410 - Records to Be Kept; Rights of Member, Manager, and Person Dissociated to Information.
605.0411 - Court-Ordered Inspection.
605.0501 - Nature of Transferable Interest.
605.0502 - Transfer of Transferable Interest.
605.0504 - Power of Legal Representative.
605.0601 - Power to Dissociate as Member; Wrongful Dissociation.
605.0602 - Events Causing Dissociation.
605.0603 - Effect of Dissociation.
605.0701 - Events Causing Dissolution.
605.0702 - Grounds for Judicial Dissolution.
605.0703 - Procedure for Judicial Dissolution; Alternative Remedies.
605.0704 - Receivership or Custodianship.
605.0705 - Decree of Dissolution.
605.0706 - Election to Purchase Instead of Dissolution.
605.0707 - Articles of Dissolution; Filing of Articles of Dissolution.
605.0708 - Revocation of Articles of Dissolution.
605.0710 - Disposition of Assets in Winding Up.
605.0711 - Known Claims Against Dissolved Limited Liability Company.
605.0712 - Other Claims Against a Dissolved Limited Liability Company.
605.0714 - Administrative Dissolution.
605.0716 - Judicial Review of Denial of Reinstatement.
605.0717 - Effect of Dissolution.
605.0801 - Direct Action by Member.
605.0804 - Special Litigation Committee.
605.0805 - Proceeds and Expenses.
605.0806 - Voluntary Dismissal or Settlement; Notice.
605.0902 - Application for Certificate of Authority.
605.0903 - Effect of a Certificate of Authority.
605.0904 - Effect of Failure to Have Certificate of Authority.
605.0905 - Activities Not Constituting Transacting Business.
605.0906 - Noncomplying Name of Foreign Limited Liability Company.
605.0907 - Amendment to Certificate of Authority.
605.0908 - Revocation of Certificate of Authority.
605.0909 - Reinstatement Following Revocation of Certificate of Authority.
605.09091 - Judicial Review of Denial of Reinstatement.
605.0910 - Withdrawal and Cancellation of Certificate of Authority.
605.0911 - Withdrawal Deemed on Conversion to Domestic Filing Entity.
605.0912 - Withdrawal on Dissolution, Merger, or Conversion to Nonfiling Entity.
605.0913 - Action by Department of Legal Affairs.
605.1001 - Relationship of the Provisions of This Section and Ss. 605.1002-605.1072 to Other Laws.
605.1002 - Charitable and Donative Provisions.
605.1005 - Reference to External Facts.
605.1023 - Approval of Merger.
605.1024 - Amendment or Abandonment of Plan of Merger.
605.1025 - Articles of Merger.
605.1031 - Interest Exchange Authorized.
605.1032 - Plan of Interest Exchange.
605.1033 - Approval of Interest Exchange.
605.1034 - Amendment or Abandonment of Plan of Interest Exchange.
605.1035 - Articles of Interest Exchange.
605.1036 - Effect of Interest Exchange.
605.1041 - Conversion Authorized.
605.1042 - Plan of Conversion.
605.1043 - Approval of Conversion.
605.1044 - Amendment or Abandonment of Plan of Conversion.
605.1045 - Articles of Conversion.
605.1046 - Effect of Conversion.
605.1051 - Domestication Authorized.
605.1052 - Plan of Domestication.
605.1053 - Approval of Domestication.
605.1054 - Amendment or Abandonment of Plan of Domestication.
605.1055 - Articles of Domestication.
605.1056 - Effect of Domestication.
605.1061 - Appraisal Rights; Definitions.
605.1062 - Assertion of Rights by Nominees and Beneficial Owners.
605.1063 - Notice of Appraisal Rights.
605.1064 - Notice of Intent to Demand Payment.
605.1065 - Appraisal Notice and Form.
605.1066 - Perfection of Rights; Right to Withdraw.
605.1067 - Member’s Acceptance of Limited Liability Company’s Offer.
605.1068 - Procedure if Member Is Dissatisfied With Offer.
605.1070 - Court Costs and Attorney Fees.
605.1071 - Limitation on Limited Liability Company Payment.
605.1072 - Other Remedies Limited.
605.1101 - Uniformity of Application and Construction.
605.1102 - Relation to Electronic Signatures in Global and National Commerce Act.
605.1103 - Tax Exemption on Income of Certain Limited Liability Companies.
605.1104 - Interrogatories by Department; Other Powers of Department.
605.1105 - Reservation of Power to Amend or Repeal.