Guam § 15116 - (F). Personal Liability of Manager or Member Who
Full text of Guam Guam Code Annotated § 15116 — (F). Personal Liability of Manager or Member Who, with citation guidance and answers to common questions.
§ 15116. (F). Personal Liability of Manager or Member Who
Votes for Unlawful Distribution.
(a) A member or manager who votes for a distribution in
violation of the operating agreement or Subsection 15116 (E) or
other appropriate provisions of this Chapter, is personally liable
to the limited liability company for the amount of the distribution
that exceeds what could have been distributed without violating
those sections of this Chapter or the operating agreement if it is
established that the member or manager did not act in
compliance with those sections.
(b) Each member or manager held liable under subdivision
(a) for an unlawful distribution is entitled to compel
contribution:
(1) From each other member or manager who could be
held liable under subdivision (a) for the unlawful
distribution.
(2) From each member for the amount the member
received with knowledge of facts indicating that the
distribution was made in violation of Subsection 15116 (E)
or other appropriate sections of this Chapter or the operating
agreement.
COL6/24/2021
18 GCA BUSINESS STRUCTURE & FUNCTION
(c) A proceeding under this section is barred unless it is
commenced within four years after the date on which the effect
of the distribution is measured under Subsection 15116 (E).
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 15116
What does Guam Code Annotated § 15116 cover?
Section 15116 ("(F). Personal Liability of Manager or Member Who") is part of the Guam Code Annotated, the codified statutory law of Guam. 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 Guam § 15116?
A common citation format is "Guam Code Annotated § 15116" (Guam). 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 Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 15116 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam 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 Guam.