Oregon § 70.270 Limit on distribution

Oregon Statutes

§ 70.270 — Limit on distribution

Oregon § 70.270

Vol.2

Title 7Corporations and Partnerships

Ch. 70Limited Partnerships

This text of Oregon § 70.270 (Limit on distribution) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 70.270 (2026).

Text

A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, the liabilities of the limited partnership exceed the fair value of the partnership assets. For purposes of this section, the following shall be disregarded as liabilities of the limited partnership:

(1)Liabilities to partners on account of their partnership interests; and

(2)With respect to any liability as to which the recourse of creditors is limited to specific property of the limited partnership, the amount by which such liability exceeds the fair value of such specific property.

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A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, the liabilities of the limited partnership exceed the fair value of the partnership assets. For purposes of this section, the following shall be disregarded as liabilities of the limited partnership:
(1) Liabilities to partners on account of their partnership interests; and
(2) With respect to any liability as to which the recourse of creditors is limited to specific property of the limited partnership, the amount by which such liability exceeds the fair value of such specific property.