Section 54-2A-702 – Transfer of partner’s transferable interest.
A. A transfer, in whole or in part, of a partner’s transferable interest: (1) is permissible; (2) does not by itself cause the partner’s dissociation or a dissolution and winding up of the limited partnership’s activities; and (3) does not, as against the other partners or the limited partnership, entitle the transferee to participate in […]
Section 54-2A-703 – Rights of creditor of partner or transferee.
A. On application to a court of competent jurisdiction by any judgment creditor of a partner or transferee, the court may charge the transferable interest of the judgment debtor with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of a transferee. […]
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 […]
Section 54-2A-601 – Dissociation as limited partner.
A. A person does not have a right to dissociate as a limited partner before the termination of the limited partnership. B. A person is dissociated from a limited partnership as a limited partner upon the occurrence of any of the following events: (1) the limited partnership’s having notice of the person’s express will to […]
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, § […]