§ 48-2a-804. Distribution of assets.

Latest version.

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 48-2a-601 or 48-2a-604;

(2)	except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under Section 48-2a-601 or 48-2a-604; and

(3)

except as provided in the partnership agreement, to partners with respect to their partnership interests:

(a)	for the return of their contributions; and

(b)	in the proportions in which the partners share in distributions.

Amended by Chapter 189, 1991 General Session

                    
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