Colorado § 7-62-608 Liability upon return of contribution

Colorado Statutes

§ 7-62-608 — Liability upon return of contribution

Colorado·Title 07 Corporations·Art. Colorado Uniform Limited

(1)If a partner has received the return of any part of the partner's contribution without violation of the partnership agreement or this article, the partner is liable to the limited partnership for a period of one year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited partnership's liability to creditors who extended credit to the limited partnership during the period the contribution was held by the partnership.

(2)If a partner has received the return of any part of the partner's contribution in violation of the partnership agreement or this article, the partner is liable to the limited partnership for a period of three years thereafter for the amount of the contribution wrongfully returned.

(3)A partner receiv

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(1) If a partner has received
the return of any part of the partner's contribution without violation of the
partnership agreement or this article, the partner is liable to the limited partnership
for a period of one year thereafter for the amount of the returned contribution, but
only to the extent necessary to discharge the limited partnership's liability to
creditors who extended credit to the limited partnership during the period the
contribution was held by the partnership.

(2) If a partner has received the return of any part of the partner's
contribution in violation of the partnership agreement or this article, the partner is
liable to the limited partnership for a period of three years thereafter for the
amount of the contribution wrongfully returned.

(3) A partner receives a return of the partner's contribution to the extent that
a distribution to the partner reduces the partner's share of the fair value of the net
assets of the limited partnership below the value, as stated in the partnership
records required to be kept pursuant to section 7-62-105, of the partner's
contribution that has not been distributed to the partner.

Colorado § 7-62-608 (Liability upon return of contribution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 81: Entire article added, p. 445, � 1, effective November 1. L. 86: (3) amended, p. 457, � 28, effective July 1. L. 2003: (3) amended, p. 2247, � 140, effective July 1, 2004. L. 2004: Entire section amended, p. 1445, � 140, effective July 1. L. 2007: (2) amended, p. 225, � 11, effective May 29.