Sec. 34-20b. Distributions and allocation of cash or other assets to partners.
Sec. 34-20b. Distributions and allocation of cash or other assets to partners.
Distributions of cash or other assets of a limited partnership shall be allocated among
the partners, and among classes of partners, in the manner provided in the partnership
agreement. If the partnership agreement does not so provide, distributions shall be made
on the basis of the value, as stated in the partnership agreement, of the contributions
made by each partner to the extent they have been received by the partnership and have
not been returned.
(P.A. 79-440, S. 29; P.A. 86-379, S. 13.)
History: P.A. 86-379 substituted "partnership agreement" for "certificate of limited partnership".
See Sec. 34-38b re inapplicability of provisions as amended by P.A. 86-379 to partnerships existing before October
1, 1986.