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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 50. Alaska Revised Limited Liability Company Act
- Section 425. Distribution of Assets.
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. Agency Power of Manager or Member After Dissolution.
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. Articles of Dissolution.
AS 10.50.425. Distribution of Assets.
Upon the winding up of a limited liability company, the assets of the company shall be distributed in the following
manner and order of priority:
- (1) payment, or adequate provision for payment, to creditors, including, to the extent permitted by law, members who are
creditors and not covered by (2) of this section, in satisfaction of the liabilities of the company;
- (2) unless otherwise provided in an operating agreement of the company, payment to members or former members in
satisfaction of the company's liabilities for distributions under AS 10.50.295
- (3) unless otherwise provided in an operating agreement of the company, to members and former members in the following
order of priority:
- (A) for the return of their contributions; and
- (B) in proportion to the members' respective rights to share in distributions from the company before dissolution.
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