2006 Kentucky Revised Statutes - .493   Distribution of assets.  (Effective until January 1, 2008)

362.493 Distribution of assets. (Effective until January 1, 2008) 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 KRS 362.403 to 362.525; (2)  Except as otherwise provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under KRS 362.403 to 362.525; and (3)  Except as otherwise 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. Effective: July 15, 1988 History: Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. -- Created 1988 Ky. Acts ch. 284, sec. 47, effective July 15, 1988.