362.493 Distribution of assets.
109 words·~1 min read·
/ky/chapter-362/362-493A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 KRS 362.403 to 362.525;
(2)Except as otherwise provided in the partnership agreement, to partners and former
partners in satisfaction of liabilities for distributions under KRS 362.403 to
362.525; and
(3)Except as otherwise provided in the partnership agreement, to partners first for the
return of their contributions and secondly, respecting their partnership interests, in
the proportions in which the partners share in distributions.