Sec. 601.
Except as provided in this article, a partner is entitled to receive distributions from a limited partnership before the partner's withdrawal from the limited partnership and before the dissolution and winding up of the limited partnership:
(1) To the extent and at the times or upon the happening of the events specified in the partnership agreement.
(2) If any distribution to a limited partner constitutes a return of any part of the limited partner's contribution under section 608(c), to the extent and at the times or upon the happening of the events specified in the certificate of limited partnership.
History: 1982, Act 213, Eff. Jan. 1, 1983
Structure Michigan Compiled Laws
Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)
Article 6 - (449.1601...449.1608)
Section 449.1603 - Right of Limited Partner to Withdraw.
Section 449.1605 - Distribution in Cash or in Kind.
Section 449.1606 - Status and Remedies of Partner as Creditor With Respect to Distribution.
Section 449.1607 - Distribution; Limitation.
Section 449.1608 - Limited Partner; Liability Following Return of Contribution.