Utah Code § 16-20-403
Liability for contributions
Utah · Utah Code Title 16 — Business Entities · Status: effective
Cite this
- Citation
- Utah Code § 16-20-403, Liability for contributions, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2328615
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Full text
(1) A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally.
(2) 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.
(3)
(a) The obligation of a person to make a contribution may be compromised only by consent of all members.
(b) If a creditor of a limited liability company extends credit or otherwise acts in reliance on an obligation described in Subsection (1) without notice of a compromise under this Subsection (3), the creditor may enforce the obligation.