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§ 10-804. Distribution of assets

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 10. Limited Partnership Act (Refs & Annos)
Subtitle 8. Miscellaneous Provisions
MD Code, Corporations and Associations, § 10-804
§ 10-804. Distribution of assets
Currentness
Upon the winding up of a limited partnership, the assets shall be distributed as follows:
(1) To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under § 10-601 or § 10-604 of this title;
(2) Unless otherwise provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under § 10-601 or § 10-604 of this title; and
(3) Unless otherwise provided in the partnership agreement, to partners first for the return of their contributions and second respecting their partnership interests, in the proportions in which the partners share in distributions.

Credits

Added by Acts 1981, c. 801, § 2.
MD Code, Corporations and Associations, § 10-804, MD CORP & ASSNS § 10-804
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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