Section 54-2A-604 – Person’s power to dissociate as general partner; wrongful dissociation.
A. A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to Subsection A of Section 603 [54-2A-603 NMSA 1978] of the Uniform Revised Limited Partnership Act. B. A person’s dissociation as a general partner is wrongful only if: (1) it is in breach […]
Section 54-2A-501 – Form of contribution.
A contribution of a partner may consist of tangible or intangible property or other benefit to the limited partnership, including money, services performed, promissory notes, other agreements to contribute cash or property and contracts for services to be performed. History: Laws 2007, ch. 129, § 501. ANNOTATIONS Effective dates. — Laws 2007, ch. 129, § […]
Section 54-2A-502 – Liability for contribution.
A. A partner’s obligation to contribute money or other property or other benefit to, or to perform services for, a limited partnership is not excused by the partner’s death, disability or other inability to perform personally. B. If a partner does not make a promised nonmonetary contribution, the partner is obligated at the option of […]
Section 54-2A-503 – Sharing of distributions.
A distribution by a limited partnership must be shared among the partners on the basis of the value, as stated in the required records when the limited partnership decides to make the distribution, of the contributions the limited partnership has received from each partner. History: Laws 2007, ch. 129, § 503. ANNOTATIONS Effective dates. — […]
Section 54-2A-504 – Interim distributions.
A partner does not have a right to any distribution before the dissolution and winding up of the limited partnership unless the limited partnership decides to make an interim distribution. History: Laws 2007, ch. 129, § 504. ANNOTATIONS Effective dates. — Laws 2007, ch. 129, § 1208 made the section effective January 1, 2008.
Section 54-2A-505 – No distribution on account of dissociation.
A person does not have a right to receive a distribution on account of dissociation. History: Laws 2007, ch. 129, § 505. ANNOTATIONS Effective dates. — Laws 2007, ch. 129, § 1208 made the section effective January 1, 2008.
Section 54-2A-506 – Distribution in kind.
A partner does not have a right to demand or receive any distribution from a limited partnership in any form other than cash. Subject to Subsection B of Section 809 [54-2A-809 NMSA 1978] of the Uniform Revised Limited Partnership Act, a limited partnership may distribute an asset in kind to the extent each partner receives […]
Section 54-2A-507 – Right to distribution.
When a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership’s obligation to make a distribution is subject to offset for any amount owed […]
Section 54-2A-508 – Limitations on distribution.
A. A limited partnership may not make a distribution in violation of the partnership agreement. B. A limited partnership may not make a distribution if after the distribution: (1) the limited partnership would not be able to pay its debts as they become due in the ordinary course of the limited partnership’s activities; or (2) […]
Section 54-2A-509 – Liability for improper distributions.
A. A general partner that consents to a distribution made in violation of Section 508 [54-2A-508 NMSA 1978] of the Uniform Revised Limited Partnership Act is personally liable to the limited partnership for the amount of the distribution that exceeds the amount that could have been distributed without the violation if it is established that […]