N.C. Gen. Stat. § 59-607
Limitations on distribution
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
A partner shall not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests, exceed the fair value of the partnership assets.
A partner shall not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests, exceed the fair value of the partnership assets.
History
(1985 (Reg. Sess., 1986), c. 989, s. 2.)
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.