Hawaii Revised Statutes 425E-506 – Distribution in kind
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Terms Used In Hawaii Revised Statutes 425E-506
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Distribution: means a transfer of money or other property from a limited partnership to a partner in the partner's capacity as a partner or to a transferee on account of a transferable interest owned by the transferee. See Hawaii Revised Statutes 425E-102
- Partner: means a limited partner or general partner. See Hawaii Revised Statutes 425E-102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A partner shall not have a right to demand or receive any distribution from a limited partnership in any form other than cash. Subject to section assets; when contributions required” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>425E-812(b), a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to the partner’s share of distributions.