§ 7-13-47 - Distribution of assets. - Rhode Island Statutes

SECTION 7-13-47

   § 7-13-47  Distribution of assets. –Upon the winding up of a limited partnership, the assets shall be distributedas follows:

   (1) To creditors, including partners who are creditors, tothe extent permitted by law, in satisfaction of liabilities of the limitedpartnership other than liabilities for distributions to partners under §7-13-31 or § 7-13-34;

   (2) Except as provided in the partnership agreement, topartners and former partners in satisfaction of liabilities for distributionsunder § 7-13-31 or 7-13-34; and

   (3) Except as provided in the partnership agreement, topartners, first for the return of their contributions and secondly, as to theirpartnership interests, in the proportions in which the partners share indistributions.