Oregon Statutes 70.340 – Distribution of assets
Upon the winding up of a limited partnership, the assets shall be distributed as follows:
Terms Used In Oregon Statutes 70.340
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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 agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of the business of the limited partnership. See Oregon Statutes 70.005
(1) To the extent permitted by law, to creditors, including partners who are creditors, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under ORS § 70.250 or 70.260.
(2) Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under ORS § 70.250 or 70.260.
(3) Except as provided in the partnership agreement, to partners as follows:
(a) First, for the return of their contributions; and
(b) Secondly, respecting their partnership interests, in the proportions in which the partners share in distributions. [1985 c.677 § 48]
FOREIGN LIMITED PARTNERSHIPS