Section 10-9C-507 (Effective January 1, 2010) Right to distribution. - Alabama Statutes

Section 10-9C-507

(Effective January 1, 2010) Right to distribution.

When a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership's obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made.

(Act 2009-621, §1.)