§ 8232. Liability for improper distributions by limited liability partnership.

307 words·~1 min read·/pa/title-15/chapter-82/8232

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)General rule.-- If a partner of a limited liability partnership consents to a distribution made in violation of section 8231 (relating to limitations on distributions by limited liability partnership) and in consenting to the distribution fails to comply with section 8447 (relating to standards of conduct for partners), the partner is personally liable to the partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation of section 8231.

(b)Recipients.-- A person that receives a distribution knowing that the distribution violated section 8231 is personally liable to the limited liability partnership, but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid under section 8231.

(c)Contribution.-- A person against which an action is commenced because the person is liable under subsection

(a)may:

(1)join any other person that is liable under subsection

(a)and seek to enforce a right of contribution from the person; and

(2)join any person that received a distribution in violation of subsection

(b)and seek to enforce a right of contribution from the person in the amount the person received in violation of subsection (b).

(d)Statute of repose.-- An action under this section is barred unless commenced within two years after the distribution.

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Cross References. Section 8232 is referred to in section 8441 of this title.

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SUBCHAPTER E

DISSOLUTION

Enactment. Subchapter E was added November 21, 2016, P.L.1328, No.170, effective in 90 days.

Sec.

8241. Known claims against dissolved limited liability partnership.

8242. Other claims against dissolved limited liability partnership.

8243. Court proceedings.

8244. Liability of partner when claim against partnership barred.

Enactment. Subchapter E was added November 21, 2016, P.L.1328, No.170, effective in 90 days.

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