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Code · North Carolina · Chapter 59 — Partnership

§ 59-607. Limitations on distribution.

59 words·~1 min read·/nc/chapter-59/59-607

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§ 59-607. Limitations on distribution.
A partner shall not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests, exceed the fair value of the partnership assets. (1985 (Reg. Sess., 1986), c. 989, s. 2.)
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