30-25-403. LIABILITY FOR CONTRIBUTIONS. (a) A person’s obligation to make a contribution to a limited liability company is not excused by the person’s death, disability, termination, or other inability to perform personally.
(b) If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the limited liability company to contribute money equal to the value of the part of the contribution which has not been made.
(c) The obligation of a person to make a contribution may be compromised only by the affirmative vote of consent of all the members. If a creditor of a limited liability company extends credit or otherwise acts in reliance on an obligation described in subsection (a) of this section without knowledge or notice of a compromise under this subsection, the creditor may enforce the obligation.
History:
[30-25-403, added 2015, ch. 243, sec. 46, p. 880.]
Structure Idaho Code
Chapter 25 - LIMITED LIABILITY COMPANIES
Part 4 - RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY
Section 30-25-401 - BECOMING MEMBER.
Section 30-25-402 - FORM OF CONTRIBUTION.
Section 30-25-403 - LIABILITY FOR CONTRIBUTIONS.
Section 30-25-404 - SHARING OF AND RIGHT TO DISTRIBUTIONS BEFORE DISSOLUTION.
Section 30-25-405 - LIMITATIONS ON DISTRIBUTIONS.
Section 30-25-406 - LIABILITY FOR IMPROPER DISTRIBUTIONS.
Section 30-25-407 - MANAGEMENT OF LIMITED LIABILITY COMPANY.
Section 30-25-408 - REIMBURSEMENT — INDEMNIFICATION — ADVANCEMENT AND INSURANCE.
Section 30-25-409 - STANDARDS OF CONDUCT FOR MEMBERS AND MANAGERS.
Section 30-25-410 - RIGHTS TO INFORMATION OF MEMBER, MANAGER AND PERSON DISSOCIATED AS MEMBER.