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2021 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 9A - Alabama Limited Partnership Law.
Article 5 - Contributions and Distributions.
Section 10A-9A-5.07 - Right to Distribution.
Universal Citation: AL Code § 10A-9A-5.07 (2021)
Section 10A-9A-5.07
Right to distribution.
If a partner becomes entitled to receive a distribution, the partner has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership's obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made.
(Act 2016-379, §1.)
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