Sec. 605.
Except as provided in the certificate of limited partnership, a limited partner, and except as provided in the partnership agreement, a general 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 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 him or her exceeds a percentage of that asset which is equal to the percentage in which the partner shares in distributions from the 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.