35-12-904. Allocation of distributions.
35-12-904. Allocation of distributions. Distributions of cash or other assets of a limited partnership must be allocated among the partners and among classes of partners in the manner provided in writing in the partnership agreement. If the partnership agreement does not provide for the allocation in writing, distributions must be made on the basis of the value, as stated in the partnership records required to be kept pursuant to 35-12-508, of the contributions actually made by each partner to the extent they have not been returned.
History: En. Sec. 33, Ch. 522, L. 1981; amd. Sec. 23, Ch. 268, L. 1997.