488.507 - RIGHT TO DISTRIBUTION. - Iowa Statutes

488.507 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.          Section History: Recent Form 2004 Acts, ch 1021, §49, 118