§ 59-804. Distribution of assets. - North Carolina Statutes

§59‑804.  Distribution of assets.

Upon the winding up of alimited partnership, the assets shall be distributed as follows:

(1)        To creditors,including limited partners who are creditors, to the extent otherwise permittedby law, in satisfaction of liabilities of the limited partnership other thanliabilities for distributions to partners under G.S. 59‑601 or G.S. 59‑604;

(2)        To general partnerswho are creditors to the extent otherwise permitted by law, in satisfaction ofliabilities of the limited partnership other than liabilities for distributionsto partners under G.S. 59‑601 or G.S. 59‑604;

(3)        Except as providedin the partnership agreement, to partners and former partners in satisfactionof liabilities for distributions under G.S. 59‑601 or G.S. 59‑604;and

(4)        Except as providedin the partnership agreement, to partners first for the return of theircontributions and secondly respecting their partnership interests, in theproportions in which the partners share in distributions. (1985(Reg. Sess., 1986), c. 989, s. 2.)