There Is a Newer Version
of
the Arizona Revised Statutes
2012 Arizona Revised Statutes
Title 29 Partnership
29-347 Distribution of assets
Universal Citation:
AZ Rev Stat § 29-347 (through 2nd Reg Sess. 50th Leg. 2012)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
29-347. Distribution of assets
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 section 29-331 or 29-334;
2. Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under section 29-331 or 29-334; 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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