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487.605 Distribution in kind.

Except as provided in the certificate of limited partnership, a partner, regardless of the nature of the partner's 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 shall 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 the partner exceeds a percentage of that asset which is equal to the percentage in which the partner shares in distributions from the limited partnership.

Section History: Early form

[C24, 27, 31, 35, 39, § 9828; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 545.23; 82 Acts, ch 1103, § 605]

Section History: Recent form

C93, § 487.605

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Last update: Mon Jan 27 16:05:08 CST 1997
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