42:2A-54 - Distribution of assets - New Jersey Statutes

42:2A-54.    Distribution of assets     Distribution of assets.  Upon the winding up of a limited partnership, the assets shall be distributed as follows:

   a.   To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under section 38 or 41;

   b.   Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under section 38 or 41;

   c.   Except as provided in the partnership agreement, to limited partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the limited partners share in distributions; and

   d.   Except as provided in the partnership agreement, to general partners first for return of their contributions and secondly respecting their partnership interests, in proportions in which the general partners share in distributions.   L. 1983, c. 489, s. 53, eff. April 1, 1985.