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.
Minn. Stat. § 321.0507
RIGHT TO DISTRIBUTION.
Known as the Uniform Limited Partnership Act
The act spans §§ 321–321 (112 sections).
2004 c 199 art 5 s 49
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.