{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-2024","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-2024","heading":"Performance of obligations - Compromise - Remedies for","body":"failure to perform.\n\nA. 1. Except as otherwise provided in the articles of\n\norganization or the operating agreement, a member is obligated to\n\nthe limited liability company to perform any written promise to\n\ncontribute cash or property or to perform services, even if he is\n\nunable to perform because of death, disability or other reason.\n\n2. If a member does not make the required contribution of\n\nproperty or services, he is obligated, at the option of the limited\n\nliability company, to contribute cash equal to that portion of\n\nvalue, as stated in the operating agreement, of the stated\n\ncontribution that has not been made.\n\nB. 1. The obligation of a member to make a contribution or\n\nreturn money or other property paid or distributed in violation of\n\nthis act may be compromised only upon compliance with the operating\n\nagreement, or, if the operating agreement does not so provide, with\n\nthe unanimous consent of the members.\n\n2. A compromise shall not impair the right of any creditor to\n\nenforce the obligation or to require the obligation to be enforced\n\nif:\n\na. such creditor relied upon the obligation and the\n\nabsence in the operating agreement of the limited\n\nliability company's authority to compromise the\n\nobligation, or\n\nb. a duty to the creditor was breached in the making of\n\nthe compromise.\n\nC. An operating agreement may provide that the capital interest\n\nof a member who fails to make any contribution or other payment that\n\nthe member is required to make shall be subject to specified\n\nremedies for, or specified consequences of, the failure. The remedy\n\nor consequence may take the form of reducing the defaulting member's\n\ncapital interest in the limited liability company, subordinating the\n\ndefaulting member's capital interest in the limited liability\n\ncompany to that of the nondefaulting members, a forced sale of the\n\ncapital interest in the limited liability company, forfeiture of the\n\ncapital interest in the limited liability company, the lending by\n\nthe nondefaulting members of the amount necessary to meet the\n\ncommitment, a fixing of the value of the member's capital interest\n\nin the limited liability company by appraisal or by formula and\n\nredemption and sale of the member's capital interest in the limited\n\nliability company at that value, or other remedy or consequences.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d7ee1c67feed0797c22cd07420599bb62baf631135431e9fffea1ac57f236500","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-2023","next":"us-ok/okla.-stat.-tit.-18-18-2025"},"notice":"GroundRules: Original legal text. Not legal advice."}