§ 500-509A. Liability for improper distributions
Oklahoma Statutes AnnotatedTitle 54. Partnership
54 Okl.St.Ann. § 500-509A
§ 500-509A. Liability for improper distributions
LIABILITY FOR IMPROPER DISTRIBUTIONS.
(a) A general partner that consents to a distribution made in violation of Section 50 of this act is personally liable to the limited partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation if it is established that in consenting to the distribution the general partner failed to comply with Section 42 of this act.
(b) A partner or transferee that received a distribution knowing that the distribution to that partner or transferee was made in violation of Section 50 of this act is personally liable to the limited partnership but only to the extent that the distribution received by the partner or transferee exceeded the amount that could have been properly paid under Section 50 of this act.
Credits
Laws 2010, c. 384, § 51, eff. Jan. 1, 2011.
54 Okl. St. Ann. § 500-509A, OK ST T. 54 § 500-509A
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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