Georgia § 14-11-408 - Liability upon wrongful distribution.
Full text of Georgia Official Code of Georgia Annotated § 14-11-408 — Liability upon wrongful distribution., with citation guidance and answers to common questions.
§ 14-11-408. Liability upon wrongful distribution.
A member or manager who votes for or expressly consents to a distribution that is made in violation of Code Section 14-11-407 is personally liable to the limited liability company for the amount of the distribution that exceeds what could have been distributed without violating Code Section 14-11-407, if it is established that such member or manager did not act in compliance with Code Section 14-11-407 and violated a duty owed under Code Section 14-11-305 (without regard to any limitation on such duty permitted by paragraph (4) of Code Section 14-11-305). Each member or manager held liable under subsection (a) of this Code section for an unlawful distribution is entitled to contribution: From each other member or manager who could be held liable under subsection (a) of this Code section for the unlawful distribution; and From each member for the amount the member received knowing that the distribution was made in violation of Code Section 14-11-407. A proceeding under this Code section is barred unless it is commenced within two years after the date on which the effect of the distribution is measured under Code Section 14-11-407 . (Code 1981, § 14-11-408 , enacted by Ga. L. 1993, p. 123, § 1; Ga. L. 2009, p. 108, § 6/HB 308.)
Frequently Asked Questions About Georgia § 14-11-408
What does Official Code of Georgia Annotated § 14-11-408 cover?
Section 14-11-408 ("Liability upon wrongful distribution.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 14-11-408?
A common citation format is "Official Code of Georgia Annotated § 14-11-408" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 14-11-408 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.