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362.475 Liability upon return of contributions.
(1)
(2)
(a)
If a partner receives the return of any part of his contribution without violation
of the partnership agreement or KRS 362.403 to 362.525, he shall be liable to
the limited partnership for a period of one (1) year thereafter for the amount of
the returned contribution, without interest, but only to the extent necessary to
discharge the limited partnership's liabilities to creditors who extended credit
to the limited partnership during the period the contribution was held by the
limited partnership.
(b) If a partner receives the return of any part of his contribution in violation of
the partnership agreement or KRS 362.403 to 362.525, he shall be liable to the
limited partnership for a period of six (6) years thereafter for the amount of
the contribution, without interest, wrongfully returned.
A partner shall receive a return of his contribution to the extent that a distribution to
him reduces his share of the fair value of the net assets of the limited partnership
below the value, as set forth in the partnership records required to be kept pursuant
to KRS 362.409, of his contribution which has not been distributed to him.
Effective: June 26, 2007
History: Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which
was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180,
effective June 26, 2007. -- Repealed 2006 Ky. Acts ch. 149, sec. 239, effective
January 1, 2008. -- Created 1988, Ky. Acts ch. 284, sec. 38, effective July 15, 1988.
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