Section 10-9B-504 Sharing of distributions. - Alabama Statutes

Section 10-9B-504

Sharing of distributions.

REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

Distributions of cash or other assets of a limited partnership shall be allocated among the partners and among classes of partners in the manner provided in writing in the partnership agreement. If the partnership agreement does not so provide in writing, distributions shall be made on the basis of the value, as stated in the partnership records required to be kept pursuant to Section 10-9B-105, of the contributions made by each partner to the extent they have been paid, conveyed, or rendered to the partnership and have not been returned.

(Act 97-921, 1st Ex. Sess., p. 335, §1.)