New York Laws
Article 8-A - Revised Limited Partnership Act
121-607 - Limitations on Distribution.

(b) A limited partner who receives a distribution in violation of
subdivision (a) of this section, and who knew at the time of the
distribution that the distribution violated subdivision (a) of this
section, shall be liable to the limited partnership for the amount of
the distribution. A limited partner who receives a distribution in
violation of subdivision (a) of this section, and who did not know at
the time of the distribution that the distribution violated subdivision
(a) of this section, shall not be liable for the amount of the
distribution. Subject to subdivision (c) of this section, this
subdivision shall not affect any obligation or liability of a limited
partner under a partnership agreement or other applicable law for the
amount of a distribution.
(c) Unless otherwise agreed, a limited partner who receives a wrongful
distribution from a limited partnership shall have no liability under
this article or other applicable law for the amount of the distribution
after the expiration of three years from the date of the distribution.

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