Indiana Statutes
§ 23-16-7-8 — Liability upon return of contribution
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 16 LIMITED PARTNERSHIPS·Ch. 7 Distributions and Withdrawals
(a)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 (1) year after receiving the return of contribution for
the amount of the returned contribution, but only to the extent
necessary to discharge the limited partnership's liabilities to creditors
who extended credit to the limited partnership during the period the
contribution was held by the partnership.
(b)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 six (6) years
after receiving the return of contribution for the amount
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Legislative History
As added by P.L.147-1988, SEC.1.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"