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Oregon Revised Statutes Corporations and Partnerships § 70.270

Current as of January 01, 2023 | Updated by Findlaw Staff

A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, the liabilities of the limited partnership exceed the fair value of the partnership assets. For purposes of this section, the following shall be disregarded as liabilities of the limited partnership:

(1) Liabilities to partners on account of their partnership interests; and

(2) With respect to any liability as to which the recourse of creditors is limited to specific property of the limited partnership, the amount by which such liability exceeds the fair value of such specific property.

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Cite this article: FindLaw.com - Oregon Revised Statutes Corporations and Partnerships § 70.270 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-7-corporations-and-partnerships/or-rev-st-sect-70-270/

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