79-14-608 - Liability upon return of contribution. - Mississippi Statutes

§ 79-14-608. Liability upon return of contribution.
 

(a)  If a partner has received the return of any part of his contribution without violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of one (1) year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited partnership's liabilities which were in existence at the date of receipt of the return of contribution and have not been subsequently discharged. 

(b)  If a partner has received the return of any part of his contribution in violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of six (6) years thereafter for the amount of the contribution wrongfully returned. 

(c)  A partner receives a return of his contribution to the extent that a distribution to him reduces his share of the fair value of the net assets of the limited partnership below the value, as set forth in the limited partnership records required to be kept pursuant to Section 79-14-105, of his contribution which has not been distributed to him. 
 

Sources: Laws,  1987, ch. 488, § 608, eff from and after January 1, 1988.