Public-domain · open source
OpenJurist

W. Va. Code § 47-9-47

Distribution of assets

Known as the Uniform Limited Partnership Act

The act spans §§ 47–47 (65 sections).

Applied in 1 court decision — leading case 205 W. Va. 56 - Szturm v. Huntington Blizzard Hockey Associates Ltd. Partnership (1999)

Most recently applied in 205 W. Va. 56 - Szturm v. Huntington Blizzard Hockey Associates Ltd. Partnership (May 1999)

Upon the winding up of a limited partnership, the assets shall be distributed as follows:

(1) To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under section thirty-one or thirty-four of this article;

(2) Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under said section thirty-one or thirty- four; and

(3) Except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.

Official source: West Virginia Legislature. Reproduced from public-domain West Virginia statutes; confirm against the official source for the current text. Not legal advice.