Kentucky Statutes 362.2-507 – Right to distribution
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When a partner becomes entitled to receive a distribution, the partner has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership‘s obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 135, effective July 12, 2006.
Effective: July 12, 2006
Terms Used In Kentucky Statutes 362.2-507
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partner: means a limited partner or general partner. See Kentucky Statutes 362.2-102
- 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.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
History: Created 2006 Ky. Acts ch. 149, sec. 135, effective July 12, 2006.