A partner does not have a right to demand or receive any distribution from a limited partnership in any form other than cash. Subject to section 488.812, subsection 2, a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to the partner’s share of distributions.
Iowa Code § 488.506
Distribution in kind
Known as the Uniform Limited Partnership Act
The act spans §§ 488–488 (109 sections).
2004 Acts, ch 1021, §48, 118
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.