Code of Virginia § 50-73.40. Distribution in kind.
103 words·~1 min read·
/va/title-50/chapter-2-1/50-73-40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in writing in the partnership agreement, a partner, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited partnership in any form other than cash. Except as provided in the partnership agreement, a partner may not be compelled to accept a distribution of any asset in kind from a limited partnership to the extent that the percentage of the asset distributed to him exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited partnership.
1985, c. 607; 1987, c. 702.