§ 59-504. Sharing of distributions. - North Carolina Statutes

§59‑504.  Sharing of distributions.

Distributions of cash or otherassets of a limited partnership shall be made among the partners, and amongclasses of partners, in the manner provided in the partnership agreement. Tothe extent the partnership agreement does not provide for the sharing ofdistributions among the partners, distributions shall be made among thepartners on the basis of the agreed value of the contributions made by eachpartner to the extent they have been received by the partnership and have notbeen returned. As used in this section, the term "agreed value" meansan amount or other measure of value as (i) is provided in the partnershipagreement, or (ii) if not provided in the partnership agreement, is required tobe set forth in the written records required pursuant to G.S. 59‑106. (1985(Reg. Sess., 1986), c. 989, s. 2; 1999‑362, s. 25.)