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2018 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 42 - UNIFORM LIMITED PARTNERSHIP ACT
Section 33-42-1070. Limitations on distribution.
Universal Citation: SC Code § 33-42-1070 (2018)
A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests, exceed the fair value of the partnership assets.
HISTORY: 1984 Act No. 491, Section 1; 1985 Act No. 11, Sections 3, 4; 1986 Act No. 533, Section 1.
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