§1361. 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. [PL 2005, c. 543, Pt. C, §2 (NEW).] SECTION HISTORY PL […]
§1362. Liability for contribution 1. Obligation not excused by death, disability or other inability. 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. [PL 2005, c. 543, Pt. […]
§1363. 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. [PL 2005, c. 543, Pt. C, […]
§1364. 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. [PL 2005, c. 543, Pt. C, §2 (NEW).] SECTION HISTORY PL 2005, c. 543, §C2 (NEW).
§1365. No distribution on account of dissociation A person does not have a right to receive a distribution on account of dissociation. [PL 2005, c. 543, Pt. C, §2 (NEW).] SECTION HISTORY PL 2005, c. 543, §C2 (NEW).
§1366. 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 section 1402, subsection 2, a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to […]
§1367. 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 […]
§1368. Limitations on distribution 1. In violation of partnership agreement. A limited partnership may not make a distribution in violation of the partnership agreement. [PL 2005, c. 543, Pt. C, §2 (NEW).] 2. Unable to pay debts or satisfy superior preferential rights. A limited partnership may not make a distribution if after the distribution: […]
§1369. Liability for improper distributions 1. General partner liable if consent to distribution not in compliance. A general partner that consents to a distribution made in violation of section 1368 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 […]
