§ 7-13-37. Limitations on distribution. [Repealed effective January 1, 2023.]
(a) A limited partnership shall not make a distribution to a partner to the extent that at the time of the distribution, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests and liabilities for which the recourse of creditors is limited to specified property of the limited partnership, exceed the fair value of the assets of the limited partnership, except that the fair value of property that is subject to a liability for which the recourse of creditors is limited shall be included in the assets of the limited partnership only to the extent that the fair value of that property exceeds that liability.
(b) A limited partner who received a distribution in violation of subsection (a), and who knew or reasonably should have known at the time of the distribution that the distribution violated subsection (a), is liable to the limited partnership for the amount of the distribution. A limited partner who receives a distribution in violation of subsection (a) and who did not know and reasonably should not have known at the time of the distribution that the distribution violated subsection (a), is not liable for the amount of the distribution. Subject to subsection (c), this subsection does 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 received a distribution from a limited partnership has no liability under this chapter or other applicable law for the amount of the distribution after the expiration of three (3) years from the date of the distribution.
History of Section.P.L. 1985, ch. 390, § 2; P.L. 1989, ch. 379, § 1.
§ 7-13-37. [Repealed effective January 1, 2023.]
History of Section.P.L. 1985, ch. 390, § 2; P.L. 1989, ch. 379, § 1; repealed by P.L. 2022, ch. 121, § 1, effective January 1, 2023; repealed by P.L. 2022, ch. 122, § 1, effective January 1, 2023.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-13 - Limited Partnerships [Repealed effective January 1, 2023.]
Section 7-13-1. - Definitions. [Repealed effective January 1, 2023.]
Section 7-13-2. - Name. [Repealed effective January 1, 2023.]
Section 7-13-3. - Reservation of name. [Repealed effective January 1, 2023.]
Section 7-13-4. - Specified office and agent. [Repealed effective January 1, 2023.]
Section 7-13-5. - Records to be kept. [Repealed effective January 1, 2023.]
Section 7-13-6. - Nature of business. [Repealed effective January 1, 2023.]
Section 7-13-9. - Amendment to certificate. [Repealed effective January 1, 2023.]
Section 7-13-10. - Cancellation of certificate. [Repealed effective January 1, 2023.]
Section 7-13-11. - Execution of certificates. [Repealed effective January 1, 2023.]
Section 7-13-12. - Amendment or cancellation by judicial act. [Repealed effective January 1, 2023.]
Section 7-13-15. - Notice. [Repealed effective January 1, 2023.]
Section 7-13-17. - Admission of limited partners. [Repealed effective January 1, 2023.]
Section 7-13-18. - Voting — Rights of limited partners. [Repealed effective January 1, 2023.]
Section 7-13-19. - Liability to third parties. [Repealed effective January 1, 2023.]
Section 7-13-21. - Information. [Repealed effective January 1, 2023.]
Section 7-13-22. - Admission of additional general partners. [Repealed effective January 1, 2023.]
Section 7-13-23. - Events of withdrawal. [Repealed effective January 1, 2023.]
Section 7-13-24. - General rights, powers, and liabilities. [Repealed effective January 1, 2023.]
Section 7-13-25. - Contributions by general partner. [Repealed effective January 1, 2023.]
Section 7-13-26. - Voting rights of general partners. [Repealed effective January 1, 2023.]
Section 7-13-27. - Form of contribution. [Repealed effective January 1, 2023.]
Section 7-13-28. - Liability for contribution. [Repealed effective January 1, 2023.]
Section 7-13-29. - Sharing of profits and losses. [Repealed effective January 1, 2023.]
Section 7-13-30. - Sharing of distributions. [Repealed effective January 1, 2023.]
Section 7-13-31. - Interim distributions. [Repealed effective January 1, 2023.]
Section 7-13-32. - Withdrawal of general partner. [Repealed effective January 1, 2023.]
Section 7-13-33. - Withdrawal of limited partner. [Repealed effective January 1, 2023.]
Section 7-13-34. - Distribution upon withdrawal. [Repealed effective January 1, 2023.]
Section 7-13-35. - Distribution in kind. [Repealed effective January 1, 2023.]
Section 7-13-36. - Right to distribution. [Repealed effective January 1, 2023.]
Section 7-13-37. - Limitations on distribution. [Repealed effective January 1, 2023.]
Section 7-13-38. - [Repealed.]
Section 7-13-39. - Nature of partnership interest. [Repealed effective January 1, 2023.]
Section 7-13-40. - Assignment of partnership interest. [Repealed effective January 1, 2023.]
Section 7-13-41. - Rights of creditor. [Repealed effective January 1, 2023.]
Section 7-13-44. - Nonjudicial dissolution. [Repealed effective January 1, 2023.]
Section 7-13-45. - Judicial dissolution. [Repealed effective January 1, 2023.]
Section 7-13-46. - Winding up. [Repealed effective January 1, 2023.]
Section 7-13-47. - Distribution of assets. [Repealed effective January 1, 2023.]
Section 7-13-48. - Applicable law. [Repealed effective January 1, 2023.]
Section 7-13-49. - Registration. [Repealed effective January 1, 2023.]
Section 7-13-50. - Issuance of registration. [Repealed effective January 1, 2023.]
Section 7-13-51. - Name of foreign limited partnership. [Repealed effective January 1, 2023.]
Section 7-13-52. - Changes and amendments. [Repealed effective January 1, 2023.]
Section 7-13-53. - Cancellation of registration. [Repealed effective January 1, 2023.]
Section 7-13-56. - Right of action. [Repealed effective January 1, 2023.]
Section 7-13-57. - Proper plaintiff. [Repealed effective January 1, 2023.]
Section 7-13-58. - Pleading. [Repealed effective January 1, 2023.]
Section 7-13-59. - Expenses. [Repealed effective January 1, 2023.]
Section 7-13-60. - Construction and application. [Repealed effective January 1, 2023.]
Section 7-13-61. - Short title. [Repealed effective January 1, 2023.]
Section 7-13-62. - Severability. [Repealed effective January 1, 2023.]
Section 7-13-65. - Effect of repeal of prior acts. [Repealed effective January 1, 2023.]
Section 7-13-66. - Indemnification. [Repealed effective January 1, 2023.]
Section 7-13-67. - Classes and voting. [Repealed effective January 1, 2023.]
Section 7-13-68. - Merger and consolidation. [Repealed effective January 1, 2023.]