TITLE 7

Corporations, Associations, and Partnerships

CHAPTER 7-13

Limited Partnerships

SECTION 7-13-47



   § 7-13-47  Distribution of assets. –

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 §

7-13-31 or § 7-13-34;



   (2) Except as provided in the partnership agreement, to

partners and former partners in satisfaction of liabilities for distributions

under § 7-13-31 or 7-13-34; and



   (3) Except as provided in the partnership agreement, to

partners, first for the return of their contributions and secondly, as to their

partnership interests, in the proportions in which the partners share in

distributions.



History of Section.

(P.L. 1985, ch. 390, § 2.)