Except as provided in writing in the partnership agreement, a partner, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited partnership in any form other than cash. Except as provided in the partnership agreement, a partner may not be compelled to accept a distribution of any asset in kind from a limited partnership to the extent that the percentage of the asset distributed to him exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited partnership.
Va. Code Ann. § 50-73.40
Distribution in kind
Known as the Virginia Revised Uniform Limited Partnership Act
The act spans §§ 50-73.1 to 50-73.9 (105 sections).
1985, c. 607; 1987, c. 702.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.