Virginia § 50-73.52 Distribution of assets

Virginia Statutes

§ 50-73.52 — Distribution of assets

Virginia § 50-73.52

Title 50PARTNERSHIPS

Ch. 2.1VIRGINIA REVISED UNIFORM LIMITED PARTNERSHIP ACT

Art. 8DISSOLUTION

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Bluebook

Va. Code Ann. § 50-73.52 (2026).

Text

Upon the winding up of a limited partnership, the assets shall 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 § 50-73.36 or § 50-73.39;

2.Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under § 50-73.36 or § 50-73.39; 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 shall 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 § 50-73.36 or § 50-73.39;

2. Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under § 50-73.36 or § 50-73.39; 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.