New York § 121-804 Distribution of assets

New York Statutes

§ 121-804 — Distribution of assets

New York § 121-804

Law PTRPartnership

Art. 8-ARevised Limited Partnership Act

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Bluebook

N.Y. Partnership § 121-804 (2026).

Text

  § 121-804. Distribution of assets. Upon the winding up of a limited\npartnership, the assets shall be distributed as follows:\n  (a) to creditors, including partners who are creditors, to the extent\npermitted by law, in satisfaction of liabilities of the limited\npartnership, whether by payment or by establishment of adequate\nreserves, other than liabilities for distributions to partners under\nsection 121-601 or 121-604 of this article;\n  (b) except as provided in the partnership agreement, to partners and\nformer partners in satisfaction of liabilities for distributions under\nsection 121-601 or 121-604 of this article; and\n  (c) except as provided in the partnership agreement, to partners first\nfor the return of their contributions, to the extent not previously\nreturned, and sec

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§ 121-804. Distribution of assets. Upon the winding up of a limited\npartnership, the assets shall be distributed as follows:\n (a) to creditors, including partners who are creditors, to the extent\npermitted by law, in satisfaction of liabilities of the limited\npartnership, whether by payment or by establishment of adequate\nreserves, other than liabilities for distributions to partners under\nsection 121-601 or 121-604 of this article;\n (b) except as provided in the partnership agreement, to partners and\nformer partners in satisfaction of liabilities for distributions under\nsection 121-601 or 121-604 of this article; and\n (c) except as provided in the partnership agreement, to partners first\nfor the return of their contributions, to the extent not previously\nreturned, and secondly respecting their partnership interests, in the\nproportions in which the partners share in distributions in accordance\nwith section 121-504 of this article.\n