Limitations on distribution. A partner may 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.
N.J. Stat. Ann. § 42:2A-45
Limitations on distribution
Known as the Uniform Partnership Act
The act spans §§ 42:1A-1 to 42:6-9 (286 sections).
Applied in 1 court decision — leading case Henkels & McCoy, Inc. v. Adochio (1998)
Most recently applied in Henkels & McCoy, Inc. v. Adochio (March 1998)
L. 1983, c. 489, s. 44, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.