Wisconsin § 179.0505 Liability for improper distributions.

Wisconsin Statutes

§ 179.0505 — Liability for improper distributions.

Wisconsin § 179.0505

Ch. 179Uniform limited partnership law

Subch.subch. V of ch. 179 SUBCHAPTER V

CONTRIBUTIONS AND DISTRIBUTIONS

This text of Wisconsin § 179.0505 (Liability for improper distributions.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wis. Stat. § 179.0505 (2026).

Text

179.0505 179.0505(1) (1) If a general partner consents to a distribution made in violation of s. 179.0504 and in consenting to the distribution fails to comply with s. 179.0409 , the general partner is personally liable to the limited partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation of s. 179.0504 . 179.0505(2) (2) A person that receives a distribution knowing that the distribution violated s. 179.0504 is personally liable to the limited partnership but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid under s. 179.0504 . 179.0505(3) (3) A general partner against which an action is commenced because the general partner is liable under sub.

(1)w

Free access — add to your briefcase to read the full text and ask questions with AI

179.0505
179.0505(1) (1) If a general partner consents to a distribution made in violation of s. 179.0504 and in consenting to the distribution fails to comply with s. 179.0409 , the general partner is personally liable to the limited partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation of s. 179.0504 .
179.0505(2) (2) A person that receives a distribution knowing that the distribution violated s. 179.0504 is personally liable to the limited partnership but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid under s. 179.0504 .
179.0505(3) (3) A general partner against which an action is commenced because the general partner is liable under sub. (1) with respect to a distribution may do any of the following:
179.0505(3)(a) (a) Implead any other person that is liable under sub. (1) with respect to the distribution and seek to enforce a right of contribution from the person.
179.0505(3)(b) (b) Implead any person that received the distribution in violation of sub. (2) and seek to enforce a right of contribution from the person in the amount the person received in violation of sub. (2) .
179.0505(4) (4) An action under this section is barred unless commenced not later than 2 years after the distribution.