48-2a-804 - Distribution of assets. - Utah Statutes

48-2a-804. Distribution of assets.
Upon the winding up of a limited partnership, the assets shall be distributed as follows:
(1) to creditors, including partners who are creditors, to the extent permitted by law, insatisfaction of liabilities of the limited partnership other than liabilities for distributions to partnersunder Section 48-2a-601 or 48-2a-604;
(2) except as provided in the partnership agreement, to partners and former partners insatisfaction of liabilities for distributions under Section 48-2a-601 or 48-2a-604; and
(3) except as provided in the partnership agreement, to partners with respect to theirpartnership interests:
(a) for the return of their contributions; and
(b) in the proportions in which the partners share in distributions.

Amended by Chapter 189, 1991 General Session