§1367. Right to distribution
When a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership's obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made. [PL 2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §C2 (NEW).
Structure Maine Revised Statutes
TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 19: UNIFORM LIMITED PARTNERSHIP ACT
Subchapter 5: CONTRIBUTIONS AND DISTRIBUTIONS
31 §1361. Form of contribution
31 §1362. Liability for contribution
31 §1363. Sharing of distributions
31 §1364. Interim distributions
31 §1365. No distribution on account of dissociation
31 §1366. Distribution in kind
31 §1367. Right to distribution