In settling accounts after dissolution the liabilities of the partnership shall be entitled to payment in the following order:
(1) those to creditors, in the order of priority as provided by law, except those to limited partners on account of their contributions, and to general partners;
(2) those to limited partners in respect to their share of the profits and other compensation by way of income on their contributions;
(3) those to limited partners in respect to the capital of their contributions;
(4) those to general partners other than for capital and profits;
(5) those to general partners in respect to profits; and
(6) those to general partners in respect to capital.
Subject to any statement in the certificate or to subsequent agreement, limited partners share in the partnership assets in respect to their claims for capital, and in respect to their claims for profits or for compensation by way of income on their contributions, respectively, in proportion to the respective amounts of such claims.
(7375) 1919 c 498 s 23
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.