79-14-607 - Limitations on distribution. - Mississippi Statutes

§ 79-14-607. Limitations on distribution.
 

A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests and liabilities as to which recourse of creditors is limited to specific property of the limited partnership, exceed the fair value of the limited partnership assets, provided that the fair value of any property that is subject to a liability as to which recourse of creditors is so limited shall be included in the limited partnership assets only to the extent that the fair value of the property exceeds this liability. 
 

Sources: Laws,  1987, ch. 488, § 607, eff from and after January 1, 1988.