§ 112 — Distribution of assets

New York § 112

• Jurisdiction: New York
• Law PTR: Partnership
• Art. 8: Limited Partnerships

Text

§ 112. Distribution of assets. (1) In settling accounts after\ndissolution the liabilities of the partnership shall be entitled to\npayment in the following order:\n (a) Those to creditors, in the order of priority as provided by law,\nexcept those to limited partners on account of their contributions, and\nto general partners.\n (b) Those to limited partners in respect to their share of the profits\nand other compensation by way of income on their contributions.\n (c) Those to limited partners in respect to the capital of their\ncontributions.\n (d) Those to general partners other than for capital and profits.\n (e) Those to general partners in respect to profits.\n (f) Those to general partners in respect to capital.\n (2) Subject to any statement in the certificate or to subsequent\nagreement, limited partners share in the partnership assets in respect\nto their claims for capital, and in respect to their claims for profits\nor for compensation by way of income on their contributions\nrespectively, in proportion to the respective amounts of such claims.\n