reglab/housing_qa huggingface dataset:
NY LLC L § 419 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 4 - Management by Members or Managers 419 - Classes and Voting of Managers.

§   419.   Classes  and  voting  of  managers.  (a)  The  articles  of organization of a limited liability company may provide for  classes  or groups  of managers having such relative rights, powers, preferences and limitations as the operating agreement  may  provide.  The  articles  of organization  may  make provision for the future creation, in the manner provided in the operating agreement, of additional classes  of  managers having  such relative rights, powers, preferences and limitations as may from time to time be established pursuant to  the  operating  agreement, including  rights, powers, preferences, limitations and duties senior to existing classes of managers. The operating agreement  may  provide  for the  classification  of  managers  within  classes  of  managers for the purpose of determining the terms of office  of  such  managers  and  may grant  to  all  or  to one or more classes of managers the right to vote upon any matter on a per capita, class or other basis.  (b) The operating agreement  may  set  forth  provisions  relating  to notice  of the time, place or purpose of any meeting at which any matter is to be voted on by any managers, waiver of any such notice, action  by consent  without  a  meeting, the establishment of a record date, quorum requirements, voting in person or by proxy  or  any  other  matter  with respect to the exercise of any such right to vote.
NY LLC L § 420 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 4 - Management by Members or Managers 420 - Indemnification.

§  420. Indemnification. Subject to the standards and restrictions, if   any, set forth in its operating agreement, a limited  liability  company   may,  and  shall  have  the  power  to, indemnify and hold harmless, and   advance expenses to,  any  member,  manager  or  other  person,  or  any   testator  or intestate of such member, manager or other person, from and   against any and all claims and demands  whatsoever;  provided,  however,   that  no  indemnification  may  be  made  to or on behalf of any member,   manager or other person  if  a  judgment  or  other  final  adjudication   adverse to such member, manager or other person establishes (a) that his   or her acts were committed in bad faith or were the result of active and   deliberate  dishonesty  and  were  material  to  the  cause of action so   adjudicated or (b) that he or she personally gained in fact a  financial   profit or other advantage to which he or she was not legally entitled.
NY LLC L § 501 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 501 - Form of Capital Contributions.

§  501. Form of capital contributions. The contribution of a member to   the capital of a limited liability company may be in cash,  property  or   services rendered or a promissory note or other obligation to contribute   cash  or  property  or  to  render  services,  or any combination of the   foregoing.
NY LLC L § 502 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 502 - Liability for Contributions.

§  502.  Liability  for  contributions.  (a) Except as provided in the operating agreement, a member is  obligated  to  the  limited  liability company  to  perform  any  promise  to contribute cash or property or to perform services  that  is  otherwise  enforceable  in  accordance  with applicable law, even if he or she is unable to perform because of death, disability  or  any  other  reason.  Except as provided in the operating agreement, if a member  does  not  make  any  required  contribution  of property  or  services,  he  or  she  is  obligated at the option of the limited liability company to contribute cash equal to  that  portion  of the value, as stated in the records of the limited liability company, if so  stated,  of  the  contribution  that  he  or  she  has not made. The foregoing option shall be in addition to, and not in lieu of, any  other rights,  including  the  right to specific performance, that the limited liability company may have  against  such  member  under  the  operating agreement or applicable law.  (b) Unless otherwise provided in the operating agreement and except as provided  in section six hundred five of this chapter, the obligation of a member to make a contribution or to return  money  or  other  property paid or distributed in violation of this chapter may be compromised only by  consent  of  all  the  members.    Notwithstanding the compromise, a creditor of a limited liability company who extends credit  in  reliance on  the  obligation of any member may enforce the original obligation to the extent he or she reasonably relied  on  such  obligation  after  the member  signed  a writing which reflects the obligation and the creditor extended credit before the compromise. A  conditional  obligation  of  a member  to  make  a  contribution or return money or other property to a limited liability company may not be enforced unless the  conditions  to the  obligation  have  been satisfied or waived as to or by such member. Conditional   obligations   include   contributions   payable   upon   a discretionary  call  of a limited liability company or a member prior to the time the call occurs.  (c) The operating agreement may provide that the  membership  interest of  any  member  who  fails  to  make any required contribution shall be subject to specified consequences of such failure. Such consequences may include, but are  not  limited  to,  reduction  or  elimination  of  the defaulting  member's  interest, subordination of the defaulting member's interest to  that  of  nondefaulting  members,  a  forced  sale  of  the defaulting  member's  interest,  forfeiture  of  the defaulting member's interest, the lending by the other members of the  amount  necessary  to meet  the  defaulting  member's commitment, a fixing of the value of the defaulting member's interest by appraisal or by formula  and  redemption or sale of such member's interest at such value, or other consequences.
NY LLC L § 503 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 503 - Sharing of Profits and Losses.

§  503.  Sharing  of  profits  and losses. The profits and losses of a   limited liability company shall be  allocated  among  the  members,  and   among  the  classes  of  members,  if any, in the manner provided in the   operating agreement. If the operating agreement  does  not  so  provide,   profits  and  losses  shall  be  allocated on the basis of the value, as   stated in the records of the limited liability company if so stated,  of   the   contributions   of   each  member,  but  not  including  defaulted   obligations to make contributions, to the extent they have been received   by or promised to the  limited  liability  company  and  have  not  been   returned to any such member.
NY LLC L § 504 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 504 - Sharing of Distributions.

§ 504. Sharing of distributions. Distributions of cash or other assets   of a limited liability company shall be allocated among the members, and   among  classes  of  members,  if  any,  in  the  manner  provided in the   operating agreement, which may, among  other  things,  establish  record   dates for distributions. If the operating agreement does not so provide,   distributions shall be allocated on the basis of the value, as stated in   the  records  of  the  limited  liability  company, if so stated, of the   contributions of each member, but not including defaulted obligations to   make contributions, to the extent they have been received by or promised   to the limited liability company and have not been returned to any  such   member.
NY LLC L § 505 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 505 - Distributions in Kind.

§  505. Distributions in kind. (a) Except as provided in the operating agreement,  a  member,  regardless  of  the  nature  of   his   or   her contribution,  has  no right to demand and receive any distribution from the limited liability company in any form other than cash.  (b) Except as provided in the operating agreement, a member may not be compelled to accept a distribution of any asset in kind from  a  limited liability  company  to  the  extent  that  the  percentage  of the asset distributed to him or her exceeds a percentage of  that  asset  that  is equal  to the percentage in which he or she shares in distributions from the limited liability company.
NY LLC L § 506 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 506 - Right to Distribution.

§  506.  Right to distribution. Subject to sections five hundred eight   and seven hundred four of this chapter, at the  time  a  member  becomes   entitled  to  receive a distribution, such member has the status of, and   is entitled to all remedies available to,  a  creditor  of  the  limited   liability company with respect to the distribution.
NY LLC L § 507 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 507 - Interim Distributions.

§  507.  Interim distributions. Except as provided in this chapter, to   the extent and at the times or upon the happening of events specified in   the operating agreement, a member is entitled to  receive  distributions   from  a  limited liability company before his or her withdrawal from the   limited liability company and before the dissolution and winding  up  of   the limited liability company.
NY LLC L § 508 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 508 - Limitations on Distributions.

§  508.  Limitations on distributions. (a) A limited liability company shall not make a distribution to a member to the  extent  that,  at  the time  of  the distribution, after giving effect to the distribution, all liabilities of the limited liability company, other than liabilities  to members  on  account  of  their membership interests and liabilities for which recourse of creditors is limited  to  specified  property  of  the limited liability company, exceed the fair market value of the assets of the  limited  liability  company,  except  that the fair market value of property that is subject to  a  liability  for  which  the  recourse  of creditors  is  limited  shall  be  included in the assets of the limited liability company only to  the  extent  that  the  fair  value  of  such property exceeds such liability.  (b)  A  member who receives a distribution in violation of subdivision (a) of this section, and who knew at the time of distribution  that  the distribution  violated  subdivision (a) of this section, shall be liable to the limited liability company for the amount of the  distribution.  A member  who  receives  a distribution in violation of subdivision (a) of this section, and who did not know at the time of the distribution  that the  distribution violated subdivision (a) of this section, shall not be liable for the amount of the distribution. Subject to subdivision (c) of this section, this  subdivision  shall  not  affect  any  obligation  or liability  of a member under the operating agreement or other applicable law for the amount of a distribution.  (c)  Unless  otherwise  agreed,  a  member  who  receives  a  wrongful distribution  from  a  limited liability company shall have no liability under this article or  other  applicable  law  for  the  amount  of  the distribution  after  the  expiration of three years from the date of the distribution.
NY LLC L § 509 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 5 - Contributions and Distributions 509 - Distribution Upon Withdrawal.

§  509.  Distribution  upon  withdrawal.  Except  as  provided in this   chapter, upon withdrawal as a member of the limited  liability  company,   any  withdrawing member is entitled to receive any distribution to which   he or she  is  entitled  under  the  operating  agreement  and,  if  not   otherwise  provided in the operating agreement, he or she is entitled to   receive, within a reasonable time after withdrawal, the  fair  value  of   his  or  her  membership interest in the limited liability company as of   the date of  withdrawal  based  upon  his  or  her  right  to  share  in   distributions from the limited liability company.
NY LLC L § 601 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 601 - Nature of Membership Interest.

§  601.  Nature  of  membership interest. A membership interest in the   limited liability company is personal property. A member has no interest   in specific property of the limited liability company.
NY LLC L § 602 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 602 - Admission of Members.

§  602.  Admission  of  members.  (a)  A  person becomes a member of a limited liability company on the later of:  (1) the effective date of the initial articles of organization; or  (2) the date as of which the person becomes a member pursuant to  this section or the operating agreement; provided, however, that if such date is  not  ascertainable,  the  date  stated in the records of the limited liability company.  (b) After the effective date of a limited liability company's  initial articles of organization, a person may be admitted as a member:  (1)  in  the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with  the  operating agreement  or,  if the operating agreement does not so provide, upon the vote or written consent of a majority in interest of the members;  (2) in the case of an assignee of a membership interest  of  a  member who  has the power, as provided in the operating agreement, to grant the assignee the right to become a member, upon the exercise of  that  power and compliance with any conditions limiting the grant or exercise of the power; or  (3)   unless   otherwise   provided  in  an  agreement  of  merger  or consolidation or the operating  agreement,  in  the  case  of  a  person acquiring  a  membership  interest  in  a surviving or resulting limited liability company pursuant to a  merger  or  consolidation  approved  in accordance  with  subdivision  (b)  of  section one thousand one of this chapter, at the time provided in and upon compliance with the  operating agreement of the surviving or resulting limited liability company.
NY LLC L § 603 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 603 - Assignment of Membership Interest.

§  603.  Assignment  of membership interest. (a) Except as provided in the operating agreement,  (1) a membership interest is assignable in whole or in part;  (2) an assignment of a membership interest does not dissolve a limited liability  company  or  entitle  the  assignee  to  participate  in  the management  and affairs of the limited liability company or to become or to exercise any rights or powers of a member;  (3) the only effect of an assignment of a membership  interest  is  to entitle   the   assignee   to  receive,  to  the  extent  assigned,  the distributions and  allocations  of  profits  and  losses  to  which  the assignor would be entitled; and  (4)  a  member ceases to be a member and to have the power to exercise any rights or powers of a member upon assignment of all of  his  or  her membership   interest.   Unless  otherwise  provided  in  the  operating agreement, the pledge of, or the granting of a security  interest,  lien or  other  encumbrance  in  or  against,  any  or  all of the membership interest of a member shall not cause the member to cease to be a  member or  to  cease  to  have  the power to exercise any rights or powers of a member.  (b) The operating agreement may provide that a member's  interest  may be  evidenced  by  a certificate issued by the limited liability company and may also provide for the  assignment  or  transfer  of  any  of  the interest represented by such a certificate. A member's interest may be a certificated  security  or an uncertificated security within the meaning of section 8--102 of the uniform commercial code if the requirements  of section  8--103(c)  are  met,  and  if the requirements are not met such interest shall, for purposes of the uniform commercial code,  be  deemed to  be  a general intangible asset. The existence of the restrictions on the sale or transfer of a membership  interest,  as  contained  in  this chapter  and,  if applicable, in the operating agreement, shall be noted conspicuously on the face or back of every  certificate  representing  a membership  interest  issued by a limited liability company. Any sale or transfer in violation of such restrictions shall be void.  (c) Unless otherwise provided in an operating agreement and except  to the  extent  assumed  by  agreement,  until  the  time,  if any, that an assignee of a membership interest becomes a member, the  assignee  shall have no liability as a member solely as a result of the assignment.
NY LLC L § 604 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 604 - Rights of Assignee to Become a Member.

§  604.  Rights of assignee to become a member. (a) Except as provided in the operating agreement, an assignee of a membership interest may not become a member without the vote  or  written  consent  of  at  least  a majority  in interest of the members, other than the member who assigned or proposes to assign such membership interest.  (b) An assignee who has become a member has, to the  extent  assigned, the  rights,  powers,  preferences and limitations and is subject to the restrictions  and  liabilities,  of  a  member  under  the  articles  of organization,  the operating agreement and this chapter. Notwithstanding the foregoing, unless otherwise provided in the operating agreement,  an assignee  who  becomes  a member is liable for the obligations of his or her assignor to make contributions as provided in section  five  hundred two  of this chapter, but shall not be liable for the obligations of his or her assignor under sections six hundred six and five hundred eight of this  chapter.  However,  the  assignee  is  not   obligated   for   (i) liabilities,  including  the  obligations of his or her assignor to make contributions as provided in section five hundred two of  this  chapter, unknown  to the assignee at the time he or she becomes a member and that could not be ascertained  from  the  operating  agreement  or  (ii)  any accrued liabilities of the assignor at the time of assignment unless the assignee specifically assumes such liabilities.
NY LLC L § 605 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 605 - Liability Upon Assignment.

§  605.  Liability  upon  assignment.  Whether or not an assignee of a   membership interest becomes a  member,  the  assignor  of  a  membership   interest  is  not  released from any liability under this chapter or the   operating  agreement,  except   liabilities   that   arise   after   the   effectiveness  of the assignment and are pursuant to section two hundred   ten of this chapter, section five hundred eight of this chapter  or,  in   the  event  the  assignee becomes a member, unless otherwise provided in   the operating agreement, section five hundred two of this chapter.
NY LLC L § 606 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 606 - Withdrawal of a Member.

§  606.  Withdrawal of a member. (a) A member may withdraw as a member of a limited liability company only at the time or upon the happening of events specified in the operating agreement and in accordance  with  the operating  agreement.    Notwithstanding  anything to the contrary under applicable law, unless an  operating  agreement  provides  otherwise,  a member  may  not  withdraw from a limited liability company prior to the dissolution  and  winding  up  of   the   limited   liability   company. Notwithstanding  anything  to  the  contrary  under  applicable  law, an operating agreement may provide that a membership interest  may  not  be assigned  prior  to  the  dissolution  and  winding  up  of  the limited liability company.  (b) A limited liability company whose original article of organization were filed with the secretary  of  state  and  effective  prior  to  the effective date of this subdivision shall continue to be governed by this section  as  in  effect  on  such date and shall not be governed by this section, unless otherwise provided in the operating agreement.
NY LLC L § 607 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 607 - Rights of Creditors of Members.

§  607.  Rights of creditors of members. (a) On application to a court of competent jurisdiction by any judgment  creditor  of  a  member,  the court  may  charge the membership interest of the member with payment of the unsatisfied amount of the judgment with interest. To the  extent  so charged, the judgment creditor has only the rights of an assignee of the membership  interest.    This chapter does not deprive any member of the benefit of any exemption  laws  applicable  to  his  or  her  membership interest.  (b)  No creditor of a member shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with  respect  to, the property of the limited liability company.
NY LLC L § 608 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 608 - Powers of Estate of a Deceased or Incompetent Member.

§  608.  Powers  of  estate of a deceased or incompetent member.  If a   member who is a natural person dies or a court of competent jurisdiction   adjudges him or her to be incompetent to manage his or her person or his   or  her  property,  the  member's  executor,  administrator,   guardian,   conservator  or  other  legal  representative  may  exercise  all of the   member's rights for the  purpose  of  settling  his  or  her  estate  or   administering  his  or  her  property,  including  any  power  under the   operating agreement of an assignee to become a member. If a member is  a   corporation,  trust  or other entity and is dissolved or terminated, the   powers of that member may be exercised by its  legal  representative  or   successor.
NY LLC L § 610 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 610 - Parties to Actions.

§  610. Parties to actions. A member of a limited liability company is   not a proper party to proceedings by  or  against  a  limited  liability   company,  except where the object is to enforce a member's right against   or liability to the limited liability company.
NY LLC L § 611 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 6 - Members and Membership 611 - Business Transactions of a Member With the Limited Liability Company.

§  611.  Business  transactions of a member with the limited liability   company. Except as may be provided in the operating agreement, a  member   may  lend money to, borrow money from, act as a guarantor or surety for,   provide collateral for the obligations of and  transact  other  business   with the limited liability company and, subject to other applicable law,   has the same rights and obligations with respect thereto as a person who   is not a member.