California Statutes
§ 15905.07. — 15905.07. (Added by Stats. 2006, Ch. 495, Sec. 20.)
California·Code CORP Corporations Code - CORP·Title 2. TITLE 2. PARTNERSHIPS·Ch. 4.5. CHAPTER 4.5. Uniform Limited Partnership Act of 2008·Art. 5. ARTICLE 5. Contributions and Distributions
When a partner or transferee becomes entitled to receive a distribution, the partner or transferee 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.
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California § 15905.07. (15905.07. (Added by Stats. 2006, Ch. 495, Sec. 20.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Section operative January 1, 2008, pursuant to Section 15912.04.