Connecticut § 34-31 Order of distribution of assets upon winding up of limited partnership.

Connecticut Statutes

§ 34-31 — Order of distribution of assets upon winding up of limited partnership.

Connecticut § 34-31

Title 34Limited Partnerships, Partnerships, Professional Associations, Limited Liability Companies and Statutory Trusts

Ch. 610Uniform Limited Partnership Act

This text of Connecticut § 34-31 (Order of distribution of assets upon winding up of limited partnership.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 34-31 (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 34-20d or 34-27d;

(2)except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under section 34-20d or 34-27d; 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 34-20d or 34-27d; (2) except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under section 34-20d or 34-27d; 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.

Legislative History

(1961, P.A. 79, S. 23; P.A. 79-440, S. 46.) History: P.A. 79-440 replaced provisions which had detailed payments to limited and general partners upon dissolution of partnership.