48-2a-608 - Liability upon return of contribution. - Utah Statutes

48-2a-608. Liability upon return of contribution.
(1) If a partner has received the return of any part of his contribution without violation ofthe partnership agreement or this chapter, he is liable to the limited partnership for a period of oneyear thereafter for the amount of the returned contribution, but only to the extent necessary todischarge the limited partnership's liabilities to creditors who extended credit to the limitedpartnership during the period the contribution was held by the partnership.
(2) If a partner has received the return of any part of his contribution in violation of thepartnership agreement or this chapter, he is liable to the limited partnership for a period of sixyears thereafter for the amount of the contribution wrongfully returned.
(3) A partner receives a return of his contribution to the extent that a distribution to himreduces his share of the fair value of the net assets of the limited partnership below the value, asset forth in the partnership records required to be kept under Section 48-2a-105, of hiscontribution to the extent that it has been made, less any previous return of contributions.

Amended by Chapter 189, 1991 General Session