Arizona § 29-347 Distribution of assets

Arizona Statutes

§ 29-347 — Distribution of assets

Arizona § 29-347

Title 29Arizona Revised Statutes

Ch. 3LIMITED PARTNERSHIPS

Art. 8Dissolution

This text of Arizona § 29-347 (Distribution of assets) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 29-347 (2026).

Text

Upon the winding up of a limited partnership, the assets shall be distributed as follows:

1.To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under section 29-331 or 29-334;

2.Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under section 29-331 or 29-334; and

3.Except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.

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Upon the winding up of a limited partnership, the assets shall be distributed as follows:

1. To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under section 29-331 or 29-334;

2. Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under section 29-331 or 29-334; and

3. Except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.