Laws of New York (Last Updated: November 21, 2014) |
PTR Partnership |
Article 8-A. REVISED LIMITED PARTNERSHIP ACT |
Section 121-605. Distribution in kind
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Except as provided in the partnership agreement, a partner, regardless of the nature of his contribution, has no right to demand and receive any distribution from a limited partnership in any form other than cash. Except as provided in the partnership agreement, a partner may not be compelled to accept a distribution of any asset in kind from a limited partnership to the extent that the percentage of the asset distributed to him exceeds a percentage of that asset which is equal to the percentage in which he shares in distributions from the limited partnership.