N.Y. Partnership Law 121-606 – Right to distribution
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§ 121-606. Right to distribution. Subject to sections 121-607 and 121-804 of this article, at the time a partner becomes entitled to receive a distribution, he has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution.
Terms Used In N.Y. Partnership Law 121-606
- Distribution: means the transfer of property by a limited partnership to one or more of its partners in his capacity as a partner. See N.Y. Partnership Law 121-101
- Partner: means a limited or general partner. See N.Y. Partnership Law 121-101
- 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.