A. A person that receives a distribution that violates Section 29-3405 is personally liable to the limited liability company but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid to that person under Section 29-3405.
B. An action under this Section is barred unless commenced not later than three years after the distribution.
Note: As of September 1, 2020, this statute applies to all Arizona LLCs . The text above shows the statute as of January 31, 2021. To see if the Arizona legislature modified this statute after January 31, 2021, go the the Arizona legislature's website for Title 29, Chapter 7.