A. If a partner has received the return of any part of his contribution without violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of one year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited partnership's liabilities to creditors who extended credit to the limited partnership during the period the contribution was held by the partnership.
B. If a partner has received the return of any part of his contribution in violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of six years thereafter for the amount of the contribution wrongfully returned.
C. A partner receives a return of his contribution to the extent that a distribution to him reduces his share of the fair value of the net assets of the limited partnership below the value, as set forth in the partnership records to be kept pursuant to § 50-73.8, of his contribution which has not been distributed to him.
1985, c. 607; 1987, c. 702.
Structure Code of Virginia
Chapter 2.1 - Virginia Revised Uniform Limited Partnership Act
§ 50-73.4. Principal office, registered office, and registered agent
§ 50-73.5. Change of registered office or registered agent
§ 50-73.6. Resignation of registered agent
§ 50-73.7. Service on limited partnership
§ 50-73.10. Business transactions of partner with partnership
§ 50-73.11. Certificate of limited partnership
§ 50-73.11:3. Conversion of general partnership to limited partnership
§ 50-73.11:4. Effect of conversion; entity unchanged
§ 50-73.12. Amendment of certificate
§ 50-73.15. Execution of documents; penalty
§ 50-73.16. Execution by judicial act
§ 50-73.17. Filing; fees; effective time and date
§ 50-73.18. Liability for false statement in certificate
§ 50-73.20. Delivery of certificates to limited partners
§ 50-73.21. Assumed or fictitious names
§ 50-73.22:1. Admission of limited partners
§ 50-73.24. Liability to third parties
§ 50-73.25. Person erroneously believing himself limited partner
§ 50-73.27. Admission of additional general partners
§ 50-73.28. Events of withdrawal
§ 50-73.29. General powers and liabilities
§ 50-73.30. Contributions by general partner
§ 50-73.32. Form of contribution
§ 50-73.33. Liability for contribution
§ 50-73.34. Sharing of profits and losses
§ 50-73.35. Sharing of distributions
§ 50-73.36. Interim distributions
§ 50-73.37. Withdrawal of general partner
§ 50-73.38. Withdrawal of limited partner
§ 50-73.39:1. No right to distribution upon withdrawal
§ 50-73.40. Distribution in kind
§ 50-73.41. Right to distribution
§ 50-73.42. Limitations on distribution
§ 50-73.43. Liability upon return of contribution
§ 50-73.44. Nature of partnership interest
§ 50-73.45. Assignment of partnership interest
§ 50-73.46:1. Partner's transferable interest subject to charging order
§ 50-73.47. Right of assignee to become limited partner
§ 50-73.48. Power of estate of deceased or incapacitated partner
§ 50-73.48:2. Approval of merger by domestic limited partnership
§ 50-73.48:3. Articles of merger
§ 50-73.48:4. Effect of merger
§ 50-73.48:5. Abandonment of merger
§ 50-73.49. Dissolution generally
§ 50-73.50. Judicial dissolution
§ 50-73.52. Distribution of assets
§ 50-73.52:1. Known claims against dissolved limited partnership
§ 50-73.52:2. Other claims against dissolved limited partnership
§ 50-73.52:3. Court proceedings
§ 50-73.52:4. Certificate of cancellation
§ 50-73.52:5. Automatic cancellation of limited partnership existence
§ 50-73.52:6. Involuntary cancellation of limited partnership existence
§ 50-73.52:7. Reinstatement of a limited partnership that has ceased to exist
§ 50-73.53. Authority to transact business required; governing law
§ 50-73.54. Application for certificate of registration
§ 50-73.57. Amendments; amended applications for registration
§ 50-73.57:1. Liability for false statement in application
§ 50-73.57:2. Merger of foreign limited partnership registered to transact business in Commonwealth
§ 50-73.58. Voluntary cancellation of certificate of registration
§ 50-73.58:1. Automatic cancellation of certificate of registration
§ 50-73.58:2. Involuntary cancellation of certificate of registration
§ 50-73.58:3. Reinstatement of a certificate of registration that has been canceled
§ 50-73.59. Transaction of business without registration
§ 50-73.60. Action by Attorney General
§ 50-73.61. Transactions not constituting transacting business
§ 50-73.67. Annual registration fees to be paid by domestic and foreign limited partnerships
§ 50-73.69. Penalty for failure to timely pay annual registration fee
§ 50-73.71. Collection by suit and of unpaid bills
§ 50-73.72. Construction and application
§ 50-73.75. Rules for cases not provided for in this chapter
§ 50-73.76. Application to existing limited partnership
§ 50-73.76:1. Property title records
§ 50-73.77. Transition and savings provisions
§ 50-73.78. Limited partnership as registered limited liability partnership