Maine § 31 §1402 Disposition of assets; when contributions required

Maine Statutes

§ 31 §1402 — Disposition of assets; when contributions required

Maine·Title 31 PARTNERSHIPS AND ASSOCIATIONS·Ch. 19 UNIFORM LIMITED PARTNERSHIP ACT

1.Assets to satisfy creditors. In winding up a limited partnership's activities, the assets of the limited partnership, including the contributions required by this section, must be applied to satisfy the limited partnership's obligations to creditors, including, to the extent permitted by law, partners that are creditors.

2.Surplus paid in cash distribution. Any surplus remaining after the limited partnership complies with subsection 1 must be paid in cash as a distribution.

3.Insufficient assets to satisfy all obligations. If a limited partnership's assets are insufficient to satisfy all of its obligations under subsection 1, with respect to each unsatisfied obligation incurred when the limited partnership was not a limited liability limited partnership, the following rules apply.

4.

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1.
Assets to satisfy creditors.
In winding up a limited partnership's activities, the assets of the limited partnership, including the contributions required by this section, must be applied to satisfy the limited partnership's obligations to creditors, including, to the extent permitted by law, partners that are creditors.
2.
Surplus paid in cash distribution.
Any surplus remaining after the limited partnership complies with subsection 1 must be paid in cash as a distribution.
3.
Insufficient assets to satisfy all obligations.
If a limited partnership's assets are insufficient to satisfy all of its obligations under subsection 1, with respect to each unsatisfied obligation incurred when the limited partnership was not a limited liability limited partnership, the following rules apply.
4.
Additional contribution recoverable.
A person that makes an additional contribution under subsection 3, paragraph B or C may recover from any person whose failure to contribute under subsection 3, paragraph A or B necessitated the additional contribution. A person may not recover under this subsection more than the amount additionally contributed. A person's liability under this subsection may not exceed the amount the person failed to contribute.
5.
Estate of deceased liable for obligations.
The estate of a deceased individual is liable for the individual's obligations under this section.
6.
Assignee, court appointee may enforce.
An assignee for the benefit of creditors of a limited partnership or a partner, or a person appointed by a court to represent creditors of a limited partnership or a partner, may enforce a person's obligation to contribute under subsection 3.

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