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KRS 362.2-506

Distribution in kind

Known as the Kentucky Uniform Limited Partnership Act

The act spans §§ 362.2-1001 to 362.2-977 (140 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 or receive any distribution from a limited partnership in any form other than cash. A limited partnership may distribute an asset in kind only to the extent that each partner receives a percentage of the asset equal to the partner's share of distributions.

(2) The property of a limited 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.