Common use of MEMBER AS TRUSTEE FOR THE COMPANY Clause in Contracts

MEMBER AS TRUSTEE FOR THE COMPANY. A Member holds as trustee for the Company (i) specific property stated in the Articles, Agreement, Subscription or other document executed by the Member as contributed by such Member, but which was not contributed or which has been wrongfully or erroneously returned; and (ii) money or other property wrongfully paid or conveyed to such Member on account of his or its Capital Contribution.

MEMBER AS TRUSTEE FOR THE COMPANY. A Member holds as trustee for the Company (i) specific property stated in the Articles, Agreement, Subscription Agreement or other document executed by the Member as contributed by such Member, but which was not contributed or which has been wrongfully or erroneously returned; and (ii) money or other property wrongfully paid or conveyed to such Member on account of his or its Capital Contribution.