Sec. 34-31. Order of distribution of assets upon winding up of limited partnership.
Sec. 34-31. Order of distribution of assets upon winding up of limited partnership. Upon the winding up of a limited partnership, the assets shall be distributed as
follows: (1) To creditors, including partners who are creditors, to the extent permitted
by law, in satisfaction of liabilities of the limited partnership other than liabilities for
distributions to partners under section 34-20d or 34-27d; (2) except as provided in the
partnership agreement, to partners and former partners in satisfaction of liabilities for
distributions under section 34-20d or 34-27d; and (3) except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.
(1961, P.A. 79, S. 23; P.A. 79-440, S. 46.)
History: P.A. 79-440 replaced provisions which had detailed payments to limited and general partners upon dissolution
of partnership.