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.
Va. Code Ann. § 50-73.42
Limitations on distribution
Known as the Virginia Revised Uniform Limited Partnership Act
The act spans §§ 50-73.1 to 50-73.9 (105 sections).
1985, c. 607.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.