56a-1004. Return of contribution; liability. - Kansas Statutes

56a-1004

Chapter 56a.--KANSAS UNIFORM PARTNERSHIP ACT Article 10.--LIMITED LIABILITY PARTNERSHIP

      56a-1004.   Return of contribution;liability.(a) If a partner has received the return of any part of thepartner's contribution without violation of the partnership agreement orthis act, the partner is liable to the limited liability partnership for aperiodof one year thereafter for the amount of the returned contribution, butonly to the extent necessary to discharge the limited liability partnership'sliabilitiesto creditors who extended credit to the limited liability partnership duringthe periodthe contribution was held by the partnership.

      (b)   If a partner has received the return of any part of the partner'scontribution in violation of the partnership agreement or this act, thepartner is liable to the limited liability partnership for a period of sixyears thereafterfor the amount of the contribution wrongfully returned.

      (c)   A partner receives a return of the partner's contribution to the extentthat a distribution to the partner reduces the partner's share of the fairvalue of the net assets of the limited liability partnership below the value,as setforth in the records of the limited liability partnership, ofthe partner's contributionwhich has not been distributed to the partner.

      History:   L. 1998, ch. 93, § 64; Jan. 1, 1999.