Public-domain · open source
OpenJurist

KRS 362.1-402

Distributions in kind

Known as the Kentucky Revised Uniform Partnership Act

The act spans §§ 362.1-1001 to 362.1-975 (90 sections).

Effective: July 12, 2006 History: Created 2006 Ky

(1) A partner, regardless of the nature of the partner's contribution, has no right to demand and receive any distribution in kind from a partnership. A partner shall not be compelled to accept a distribution of any asset in kind from a partnership to the extent that the percentage of the asset distributed to the partner exceeds a percentage of that asset which is equal to the percentage in which the partner shares in distributions from the partnership. A partner may be compelled to accept a distribution of any asset in kind from a partnership to the extent that the percentage of the asset distributed to the partner is equal to a percentage of that asset which is equal to the percentage in which the partner shares in distributions from the partnership.

(2) The property of a partnership subject to this subchapter shall not be subject to KRS 381.135(1)(a)1.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.