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Cal. Corp. Code § 15905.07

Contributions and Distributions

Known as the Uniform Limited Partnership Act

The act spans §§ 15900–15912 (125 sections).

Added by Stats. 2006, Ch. 495, Sec. 20

When a partner or transferee becomes entitled to receive a distribution, the partner or transferee 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.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.