Sec. 34-378. Settlement of accounts and contributions among partners.
Sec. 34-378. Settlement of accounts and contributions among partners. (a) In
winding up a partnership's business, the assets of the partnership, including the contributions of the partners required by this section, must be applied to discharge its obligations
to creditors, including, to the extent permitted by law, partners who are creditors. Any
surplus must be applied to pay in cash the net amount distributable to partners in accordance with their right to distributions under subsection (b) of this section.
(b) Each partner is entitled to a settlement of all partnership accounts upon winding
up the partnership business. In settling accounts among the partners, the profits and
losses that result from the liquidation of the partnership assets must be credited and
charged to the partners' accounts. The partnership shall make a distribution to a partner
in an amount equal to any excess of the credits over the charges in the partner's account.
Except as provided in subsection (c) of section 34-327, a partner shall contribute to the
partnership an amount equal to any excess of the charges over the credits in the partner's
account.
(c) If a partner fails to contribute the full amount required under subsection (b) of
this section, all of the other partners shall contribute, in the proportions in which those
partners share partnership losses, the additional amount necessary to satisfy the partnership obligations unless the obligation is for a debt, obligation or liability for which the
partner is not liable as provided in subsection (c) of section 34-327. A partner or partner's
legal representative may recover from the other partners any contributions the partner
makes to the extent the amount contributed exceeds that partner's share of the partnership
obligations and the other partners are liable under section 34-327.
(d) After the settlement of accounts, each partner shall contribute, in the proportion
in which the partner shares partnership losses, the amount necessary to satisfy partnership obligations that were not known at the time of the settlement unless the obligation
is for a debt, obligation or liability for which the partner is not liable as provided in
subsection (c) of section 34-327.
(e) The estate of a deceased partner is liable for the partner's obligation to contribute
to the partnership.
(f) An assignee for the benefit of creditors of a partnership or a partner, or a person
appointed by a court to represent creditors of a partnership or a partner, may enforce a
partner's obligation to contribute to the partnership.
(P.A. 95-341, S. 45, 58; P.A. 00-50, S. 2.)
History: P.A. 95-341 effective July 1, 1997; P.A. 00-50 amended Subsec. (c) to make the failure of a partner to contribute
"the full amount required under subsection (b) of this section" the event that requires all of the other partners to contribute.