Sec. 5. (a) Except as provided in the partnership agreement, 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.
(b) Except as provided in the partnership agreement, 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 the partner exceeds a percentage of that asset that is equal to the percentage in which the partner shares in distributions from the limited partnership.
As added by P.L.147-1988, SEC.1.
Structure Indiana Code
Title 23. Business and Other Associations
Article 16. Limited Partnerships
Chapter 7. Distributions and Withdrawals
23-16-7-1. Interim Distributions
23-16-7-2. Withdrawal of General Partner
23-16-7-3. Withdrawal of Limited Partner
23-16-7-4. Distribution Upon Withdrawal
23-16-7-5. Distribution in Kind
23-16-7-6. Right to Distribution