Corporations, Associations, and Partnerships
§ 7-13-47 Distribution of assets.
Upon the winding up of a limited partnership, the assets shall be distributed
(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
History of Section.
(P.L. 1985, ch. 390, § 2.)