Sec. 34-20c. Distributions in cash to partner; distributions in kind, when permitted. - Connecticut Statutes

      Sec. 34-20c. Distributions in cash to partner; distributions in kind, when permitted. Except as provided in the partnership agreement, a partner, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited partnership in any form other than cash. Except as provided in the partnership agreement, a partner may not be compelled to accept a distribution of any asset in kind from a limited partnership to the extent that the percentage of the asset distributed to him exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited partnership.

      (P.A. 79-440, S. 34; P.A. 86-379, S. 14.)

      History: P.A. 86-379 changed "certificate of limited partnership" to "partnership agreement".

      See Sec. 34-38b re inapplicability of provisions as amended in P.A. 86-379 to partnerships existing before October 1, 1986.