North Carolina General Statutes § 59-605 Distribution in kind

Except as provided in writing in the limited partnership agreement, (1) 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; and (2) 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 (Reg. Sess., 1986), c. 989, s. 2.)

Sections:  Previous  59-502  59-503  59-504  59-601  59-602  59-603  59-604  59-605  59-606  59-607  59-608  59-701  59-702  59-703  59-704  Next

Last modified: March 23, 2014