Sec. 604. Except as provided in this article, upon withdrawal any withdrawing partner is entitled to receive any distribution to which he or she is entitled under the partnership agreement and, if not otherwise provided in the agreement, the withdrawing partner is entitled to receive, within a reasonable time after withdrawal, the fair value of his or her interest in the limited partnership as of the date of withdrawal, based upon the withdrawing partner's right to share in distributions from the limited partnership.
Mich. Comp. Laws § 449.1604
Right of withdrawing partner to receive distribution and fair value of partnership interest
Applied in 1 court decision — leading case In Re Cardinal Industries, Inc. (1990)
Most recently applied in In Re Cardinal Industries, Inc. (May 1990)
1982, Act 213, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.