Arkansas Statutes
§ 4-47-509 — Liability for improper distributions
Arkansas·Title 4
(a)A general partner that consents to a distribution made in violation of § 4-47-508 is personally liable to the limited partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation if it is established that in consenting to the distribution the general partner failed to comply with § 4-47-408 .
(b)A partner or transferee that received a distribution knowing that the distribution to that partner or transferee was made in violation of § 4-47-508 is personally liable to the limited partnership but only to the extent that the distribution received by the partner or transferee exceeded the amount that could have been properly paid under § 4-47-508 .
(c)A general partner against which an action is commenced under subsection (a
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Legislative History
Acts 2007, No. 15, § 1.
Nearby Sections
15
§ 4-1-101
Short titles§ 4-1-102
Scope of subtitle§ 4-1-104
Construction against implicit repeal§ 4-1-105
Severability§ 4-1-106
Use of singular and plural - Gender§ 4-1-107
Section captions§ 4-1-201
General definitions§ 4-1-202
Notice - Knowledge§ 4-1-204
Value§ 4-1-205
Reasonable time - Seasonableness§ 4-1-206
Presumptions