31 §1367. Right to distribution
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 19: UNIFORM LIMITED PARTNERSHIP ACT HEADING: PL 2005, C. 543, PT. C, §2 (NEW)
Subchapter 5: CONTRIBUTIONS AND DISTRIBUTIONS HEADING: PL 2005, C. 543, PT. C, §2 (NEW)
§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 for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made. [2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
2005, c. 543, §C2 (NEW).