Section 112. Distribution of assets  


Latest version.
  • (1)  In  settling accounts after
      dissolution the liabilities of the  partnership  shall  be  entitled  to
      payment in the following order:
        (a)  Those  to creditors, in the order of priority as provided by law,
      except those to limited partners on account of their contributions,  and
      to general partners.
        (b) Those to limited partners in respect to their share of the profits
      and other compensation by way of income on their contributions.
        (c)  Those  to  limited  partners  in  respect to the capital of their
      contributions.
        (d) Those to general partners other than for capital and profits.
        (e) Those to general partners in respect to profits.
        (f) Those to general partners in respect to capital.
        (2) Subject to any statement  in  the  certificate  or  to  subsequent
      agreement,  limited  partners share in the partnership assets in respect
      to their claims for capital, and in respect to their claims for  profits
      or   for   compensation   by   way  of  income  on  their  contributions
      respectively, in proportion to the respective amounts of such claims.