California Corporations Code

§ 15908.09

CORP § 15908.09 Effective Jan 1, 2007Title 2 · Ch. 4.5 · Art. 8

Statute text

(a)In winding up a limited partnership’s activities, the assets of the limited partnership, including the contributions required by this section, must be applied to satisfy the limited partnership’s obligations to creditors, including, to the extent permitted by law, partners that are creditors.

(b)Any surplus remaining after the limited partnership complies with subdivision (a) must be returned to the partners as they share in distributions.

(c)If a limited partnership’s assets are insufficient to satisfy all of its obligations under subdivision (a) the following rules apply:

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Legislative history

Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Section operative January 1, 2008, pursuant to Section 15912.04.