Legislation
SECTION 121-605
Distribution in kind
Partnership (PTR) CHAPTER 39, ARTICLE 8-A
§ 121-605. Distribution in kind. Except as provided in the partnership
agreement, a partner, regardless of the nature of his contribution, has
no right to demand and receive any distribution from a limited
partnership in any form other than cash. Except as provided in the
partnership agreement, a partner may not be compelled to accept a
distribution of any asset in kind from a limited partnership to the
extent that the percentage of the asset distributed to him exceeds a
percentage of that asset which is equal to the percentage in which he
shares in distributions from the limited partnership.
agreement, a partner, regardless of the nature of his contribution, has
no right to demand and receive any distribution from a limited
partnership in any form other than cash. Except as provided in the
partnership agreement, a partner may not be compelled to accept a
distribution of any asset in kind from a limited partnership to the
extent that the percentage of the asset distributed to him exceeds a
percentage of that asset which is equal to the percentage in which he
shares in distributions from the limited partnership.