§ 10-608. Liability upon return of contribution
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 10-608
§ 10-608. Liability upon return of contribution
(a)(1) If a limited partner has received the return of any part of his contribution without violation of the certificate, partnership agreement, or this title, he is liable to the limited partnership for a period of 1 year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited partnership's liabilities to creditors who extended credit to the limited partnership during the period the contribution was held by the limited partnership.
(b) A limited partner receives a return of his contribution to the extent that, after a distribution to him, his share of the fair value of the net assets of the limited partnership is less than the value of his total contribution as reflected in the certificate minus all distributions in return of his contribution made prior to the distribution.
Credits
Added by Acts 1981, c. 801, § 2. Amended by Acts 1983, c. 507; Acts 1997, c. 654, § 2, eff. July 1, 1998.
MD Code, Corporations and Associations, § 10-608, MD CORP & ASSNS § 10-608
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
| End of Document |