South Carolina § 33-42-1440 Distribution of assets.

South Carolina Statutes

§ 33-42-1440 — Distribution of assets.

South Carolina § 33-42-1440

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 42UNIFORM LIMITED PARTNERSHIP ACT

This text of South Carolina § 33-42-1440 (Distribution of assets.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 33-42-1440 (2026).

Text

Upon the winding up of a limited partnership, the assets must be distributed as follows:

(1)to creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under SECTION 33-42-1010 or SECTION 33-42-1040;

(2)except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under SECTION 33-42-1010 or SECTION 33-42-1040; and (3) except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.

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Upon the winding up of a limited partnership, the assets must be distributed as follows: (1) to creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under SECTION 33-42-1010 or SECTION 33-42-1040; (2) except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under SECTION 33-42-1010 or SECTION 33-42-1040; and (3) except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.