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Terms Used In Alabama Code 10A-9A-5.06

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • distribution: except as otherwise provided in Section 10A-9A-5. See Alabama Code 10A-9A-1.02
  • partner: means a limited partner or general partner. See Alabama Code 10A-9A-1.02
  • 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 does not have a right to demand and receive a distribution from a limited partnership in any form other than money. Except as otherwise provided in Section assets, when contributions required” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”10A”>10A-9A-8.09(c), a limited partnership may distribute an asset in kind if each partner receives a percentage of the asset in proportion to the partner’s share of distributions.