§ 3454.
121 words·~1 min read·
/vt/title-11/chapter-23/3454A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3454. Distribution upon withdrawal
Except as provided in this subchapter, upon withdrawal any withdrawing partner is entitled to receive any distribution to which he or she is entitled under the partnership agreement and, if not otherwise provided in the agreement, he or she is entitled to receive, within a reasonable time after withdrawal, the fair value of his or her interest in the limited partnership as of the date of withdrawal based upon what a willing buyer would pay a willing seller for the interest, with neither party being under any compulsion to buy or sell his or her right to share in distributions from the limited partnership. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)