67-445. Settlement of accounts and contributions among partners.
(1) In winding up a partnership's business, the assets of the partnership, including the contributions of the partners required by this section, must be applied to discharge its obligations to creditors, including, to the extent permitted by law, partners who are creditors. Any surplus must be applied to pay in cash the net amount distributable to partners in accordance with their right to distributions under subsection (2) of this section.
(2) Each partner is entitled to a settlement of all partnership accounts upon winding up the partnership business. In settling accounts among the partners, profits and losses that result from the liquidation of the partnership assets must be credited and charged to the partners' accounts. The partnership shall make a distribution to a partner in an amount equal to any excess of the credits over the charges in the partner's account. A partner shall contribute to the partnership an amount equal to any excess of the charges over the credits in the partner's account but excluding from the calculation charges attributable to an obligation for which the partner is not personally liable under section 67-418.
(3) If a partner fails to contribute the full amount required under subsection (2) of this section, all of the other partners shall contribute, in the proportions in which those partners share partnership losses, the additional amount necessary to satisfy the partnership obligations for which they are personally liable under section 67-418. A partner or partner's legal representative may recover from the other partners any contributions the partner makes to the extent the amount contributed exceeds that partner's share of the partnership obligations for which the partner is personally liable under section 67-418.
(4) After the settlement of accounts, each partner shall contribute, in the proportion in which the partner shares partnership losses, the amount necessary to satisfy partnership obligations that were not known at the time of the settlement and for which the partner is personally liable under section 67-418.
(5) The estate of a deceased partner is liable for the partner's obligation to contribute to the partnership.
(6) An assignee for the benefit of creditors of a partnership or a partner, or a person appointed by a court to represent creditors of a partnership or a partner, may enforce a partner's obligation to contribute to the partnership.
Source
Annotations
In calculating a buyout distribution for dissociating partners, the hypothetical sale must be based on all of the partnership's assets and not just selected assets. Robertson v. Jacobs Cattle Co., 292 Neb. 195, 874 N.W.2d 1 (2015).
The capital gain which would be realized upon a hypothetical liquidation of the partnership’s land on the date of dissociation would constitute “profits” within the meaning of the phrase in subsection (2) of this section. Robertson v. Jacobs Cattle Co., 285 Neb. 859, 830 N.W.2d 191 (2013).
Based on this section, partners are entitled to an accounting upon the winding up of the business of a partnership. Mogensen Bros. Land & Cattle Co. v. Mogensen, 29 Neb. App. 56, 952 N.W.2d 688 (2020).
Structure Nebraska Revised Statutes
67-234 - Limited partnership name.
67-236 - Specified office and agent.
67-239 - Partner; transactions with partnership.
67-239.01 - Partnership; indemnification authorized.
67-240 - Certificate of limited partnership; contents; filing.
67-241 - Amendments to certificate; restated certificate.
67-242 - Cancellation of certificate.
67-243 - Certificates; signature; execution.
67-244 - Certificate or agreement; execution or filing by judicial act.
67-245 - Filing in office of Secretary of State; facsimile signature.
67-246 - Liability for false statement in certificate; general partner; failure to file; liability.
67-247 - Filing of certificate; effect.
67-248 - Delivery of certificate to limited partner.
67-248.01 - Restated certificate.
67-248.02 - Merger or consolidation; procedure; effect.
67-249 - Admission of additional limited partners.
67-250 - Partnership agreement; classes or groups of limited partners; voting rights specified.
67-251 - Limited partner; liability to third parties.
67-252 - Persons erroneously believing themselves limited partners; liability.
67-253 - Limited partner; rights; general partner; rights; records.
67-254 - Admission of additional general partners.
67-255 - General partner; status; termination; when.
67-256 - General partners; powers and liabilities.
67-257 - Contributions by a general partner; powers and liabilities.
67-258 - Partnership agreement; classes or groups of general partners; voting rights specified.
67-259 - Form of contribution.
67-260 - Liability for contributions.
67-261 - Profits and losses; allocation.
67-262 - Distributions of assets.
67-263 - Distributions before withdrawal and dissolution.
67-264 - Withdrawal of general partner.
67-265 - Withdrawal of limited partner.
67-266 - Distribution upon withdrawal.
67-267 - Distribution in kind; limitation.
67-268 - Right to distribution; remedies; record date.
67-269 - Limitations on distributions.
67-270 - Unlawful distribution; liability.
67-271 - Partnership interest; personal property; interest in property.
67-272 - Assignment of partnership interest.
67-273 - Rights of judgment creditor of a partner.
67-274 - Assignee becoming limited partner; rights and liabilities.
67-275 - Partner's executor or legal representative; exercise of powers.
67-277 - Judicial dissolution.
67-278 - Dissolution; right to wind up partnership affairs; powers.
67-279 - Dissolution; distribution of assets.
67-280 - Foreign limited partnership; law governing.
67-281 - Foreign limited partnership; registration; contents.
67-282 - Issuance of registration.
67-283 - Foreign limited partnership; name; agent.
67-284 - Application for registration; amendments.
67-285 - Cancellation of registration; effect.
67-286 - Transaction of business without registration; effect.
67-286.01 - Foreign limited partnerships; sections applicable.
67-287 - Action by Attorney General.
67-288 - Limited partner; assignee; right of action.
67-289 - Derivative action; proper plaintiff.
67-290 - Derivative action; complaint; requirements.
67-291 - Derivative action; expenses; attorney's fees.
67-293 - Filing fees; disposition.
67-294 - Uniform Partnership Act of 1998; applicability.
67-298 - Conversion; articles of conversion.
67-299 - Effect of conversion.
67-2,100 - Existing conversion; effect.
67-403 - Knowledge and notice.
67-404 - Effect of partnership agreement; nonwaivable provisions.
67-405 - Supplemental principles of law.
67-406 - Execution, filing, and recording of statements.
67-408 - Partnership subject to amendment or repeal of act.
67-409 - Partnership as entity; limited liability partnership; treatment.
67-410 - Formation of partnership.
67-411 - Partnership property.
67-412 - When property is partnership property.
67-413 - Partner agent of partnership.
67-414 - Transfer of partnership property.
67-415 - Statement of partnership authority.
67-417 - Partnership liable for partner's actionable conduct.
67-419 - Actions by and against partnership and partners.
67-420 - Liability of purported partner.
67-421 - Partner's rights and duties.
67-422 - Distributions in kind.
67-423 - Partner's rights and duties with respect to information.
67-424 - General standards of partner's conduct.
67-425 - Actions by partnership and partners.
67-426 - Continuation of partnership beyond definite term or particular undertaking.
67-427 - Partner not co-owner of partnership property.
67-428 - Partner's transferable interest in partnership.
67-429 - Transfer of partner's transferable interest.
67-430 - Partner's transferable interest subject to charging order.
67-431 - Events causing partner's dissociation.
67-432 - Partner's power to dissociate; wrongful dissociation.
67-433 - Effect of partner's dissociation.
67-434 - Purchase of dissociated partner's interest.
67-435 - Dissociated partner's power to bind and liability to partnership.
67-436 - Dissociated partner's liability to other persons.
67-437 - Statement of dissociation.
67-438 - Continued use of partnership name.
67-439 - Events causing dissolution and winding up of partnership business.
67-440 - Partnership continues after dissolution.
67-441 - Right to wind up partnership business.
67-442 - Partner's power to bind partnership after dissolution.
67-443 - Statement of dissolution.
67-444 - Partner's liability to other partners after dissolution.
67-445 - Settlement of accounts and contributions among partners.
67-447 - Conversion of partnership to limited partnership.
67-448 - Conversion of limited partnership to partnership.
67-449 - Effect of conversion; entity unchanged.
67-450 - Merger of partnerships.
67-456 - Annual report; certificate of authority.
67-457 - Law governing foreign limited liability partnership.
67-459 - Effect of failure to qualify.
67-460 - Activities not constituting transacting business.
67-461 - Action by Attorney General.
67-463 - Uniformity of application and construction.
67-464 - Partnerships; applicability of act.
67-465 - Limited liability partnership; applicability of act.