New York Laws
Article 8-A - Revised Limited Partnership Act
121-502 - Liability for Contributions.

(b) Unless otherwise provided in the partnership agreement and except
as provided in section 121-705 of this article, the obligation of a
partner to make a contribution or to return money or other property paid
or distributed in violation of this article may be compromised only by
consent of all the partners. Notwithstanding the compromise, a creditor
of a limited partnership who extends credit in reliance on that
obligation may enforce the original obligation to the extent he
reasonably relied on such obligation.
(c) A partnership agreement may provide that the interest of any
partner who fails to make any required contribution shall be subject to
specified consequences of such failure. Such consequences may take the
form of reducing or eliminating the defaulting partner's interest in the
limited partnership, subordinating his partnership interest to that of
nondefaulting partners, a forced sale of his partnership interest, the
lending by other partners of the amount necessary to meet his
commitment, a fixing of the value of his partnership interest by
appraisal or by formula and redemption or sale of his partnership
interest at such value, or other consequences.

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