Michigan Compiled Laws § 449.1601 Right Of Partner To Receive Distributions Before Partner's Withdrawal From Partnership And Before Dissolution And Winding Up Of Partnership.

449.1601 Right of partner to receive distributions before partner's withdrawal from partnership and before dissolution and winding up of partnership.

Sec. 601.

Except as provided in this article, a partner is entitled to receive distributions from a limited partnership before the partner's withdrawal from the limited partnership and before the dissolution and winding up of the limited partnership:

(1) To the extent and at the times or upon the happening of the events specified in the partnership agreement.

(2) If any distribution to a limited partner constitutes a return of any part of the limited partner's contribution under section 608(c), to the extent and at the times or upon the happening of the events specified in the certificate of limited partnership.

History: 1982, Act 213, Eff. Jan. 1, 1983

Section: 449.1601  449.1602  449.1603  449.1604  449.1605  449.1606  449.1607  449.1608    Next

Last modified: October 10, 2016