Where there are several limited partners, the members may agree that one (1) or more of the limited partners shall have a priority over other limited partners as to the return of their contributions, as to their compensation by way of income, or as to any other matter. If such an agreement is made, it shall be stated in the partnership agreement, and in the absence of such a statement, all the limited partners shall stand upon equal footing.
Tenn. Code Ann. § 61-2-608
Priority between limited partners
Known as the Tennessee Uniform Limited Partnership Act
The act spans §§ 61–61 (205 sections).
Acts 1988, ch. 922, § 1; T.C.A., § 61-2-609; Acts 1989, ch. 270, § 56.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.