50-73.40 - Distribution in kind. - Virginia Statutes

§ 50-73.40. Distribution in kind.

Except as provided in writing in the partnership agreement, a partner,regardless of the nature of his contribution, has no right to demand andreceive any distribution from a limited partnership in any form other thancash. Except as provided in the partnership agreement, a partner may not becompelled to accept a distribution of any asset in kind from a limitedpartnership to the extent that the percentage of the asset distributed to himexceeds a percentage of that asset which is equal to the percentage in whichhe shares in distributions from the limited partnership.

(1985, c. 607; 1987, c. 702.)