79-14-604 - Distribution upon withdrawal.
§ 79-14-604. Distribution upon withdrawal.
[For domestic limited partnerships formed on or before June 30, 1998, and which do not duly elect to become subject to the second tier of this section, this section shall read as follows:]
Except as provided in this article, upon withdrawal any withdrawing limited partner is entitled to receive any distribution to which he is entitled under the partnership agreement and, if not otherwise provided in the partnership agreement, the limited partner is entitled to receive, within a reasonable time after the withdrawal, the fair value of his interest in the limited partnership as of the date of withdrawal based upon his right to share in distributions from the limited partnership.
[For domestic limited partnerships formed on or after July 1, 1998, or which elect, in accordance with any provision of its partnership agreement permitting it to do so or by duly amending the partnership agreement to become subject to the following provisions by filing with the Secretary of State at any time after May 1, 1998, a certificate of amendment that would cause its certificate of limited partnership to comply with the following provisions, specifically stating that the limited partnership is electing to adopt the following provisions, this section shall read as follows:]
Subject to contrary provisions in the partnership agreement, a withdrawing partner is entitled to receive, within a reasonable time after withdrawal, the fair value as of the date of withdrawal of the interest in the limited partnership with respect to which the withdrawal has occurred.
Sources: Laws, 1987, ch. 488, § 604; Laws, 1998, ch. 376, § 3, eff from and after July 1, 1998.