Subdivision 1. Return of contribution. A limited partner shall not receive from a general partner or out of partnership property any part of contribution until:
(1) all liabilities of the partnership, except liabilities to general partners and to limited partners on account of their contributions, have been paid or there remains property of the partnership sufficient to pay them;
(2) the consent of all members is had, unless the return of the contribution may be rightfully demanded under the provisions of subdivision 2; and
(3) the certificate is canceled or so amended as to set forth the withdrawal or reduction.
Subd. 2. Demand. Subject to the provisions of subdivision 1, a limited partner may rightfully demand the return of contribution:
(1) on the dissolution of a partnership, or
(2) when the date specified in the certificate for its return has arrived, or
(3) after giving six months' notice, in writing, to all other members, if no time is specified in the certificate either for the return of the contribution or for the dissolution of the partnership.
Subd. 3. Cash received in return for contribution. In the absence of any statement in the certificate to the contrary or the consent of all members, a limited partner, irrespective of the nature of contribution, has only the right to demand and receive cash in return for contribution.
Subd. 4. Right to dissolution. A limited partner may have the partnership dissolved and its affairs wound up:
(1) upon rightfully but unsuccessfully demanding the return of contribution, or
(2) when the other liabilities of the partnership have not been paid, or the partnership property is insufficient for their payment, as required by subdivision 1, clause (1), and the limited partner would otherwise be entitled to the return of contribution.
(7368) 1919 c 498 s 16; 1986 c 444
Structure Minnesota Statutes
Chapters 300 - 323A — Business, Social, And Charitable Organizations
Chapter 322 — 1919 Uniform Limited Partnership Act
Section 322.03 — Business Which May Be Carried On.
Section 322.04 — Character Of Limited Partner's Contribution.
Section 322.05 — Name Not To Contain Surname Of Limited Partner.
Section 322.06 — Liability For False Statements In Certificate.
Section 322.07 — Limited Partner Not Liable To Creditors.
Section 322.08 — Admission Of Additional Limited Partners.
Section 322.09 — Rights, Powers, And Liabilities Of A General Partner.
Section 322.10 — Rights Of A Limited Partner.
Section 322.11 — Status Of Person Erroneously Believing To Be A Limited Partner.
Section 322.12 — One Person Both General And Limited Partner.
Section 322.13 — Loans And Other Business Transactions With Limited Partner.
Section 322.14 — Relation Of Limited Partners Inter Se.
Section 322.15 — Compensation Of Limited Partner.
Section 322.16 — Withdrawal Or Reduction Of Limited Partner's Contribution.
Section 322.17 — Liability Of Limited Partner To Partnership.
Section 322.18 — Nature Of Limited Partner's Interest.
Section 322.19 — Assignment Of Limited Partner's Interest.
Section 322.20 — Effect Of Retirement, Death, Or Insanity Of A General Partner.
Section 322.21 — Death Of Limited Partner.
Section 322.22 — Rights Of Creditors Of Limited Partner.
Section 322.23 — Distribution Of Assets.
Section 322.24 — When Certificate Shall Be Canceled Or Amended.
Section 322.25 — Requirements For Amendment And For Cancellation Of Certificate.
Section 322.26 — Parties To Actions.
Section 322.28 — Rules Of Construction.
Section 322.29 — Rules For Cases Not Provided For.
Section 322.30 — Provisions For Existing Limited Partnerships.