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ART. LXXIII] LIMITED PARTNERSHIPS. 525
1918, ch. 280, sec. 13.
13. (LOANS AND OTHER BUSINESS TRANSACTIONS WITH LIMITED
PARTNER.) (1) A limited partner also may loan money to and trans-
act other business with the partnership, and, unless he is also a general
partner, receive on account of resulting claims against the partnership,,
with general creditors, a pro rata share of the assets. No limited part-
ner shall in respect to any such claim
(a) Receive or hold as collateral security any partnership property,
or
(b) Eeceive from a general partner or the partnership any payment,
conveyance, or release from liability, if at the time the assets of the
partnership are not sufficient to discharge partnership liabilities to per-
sons not claiming as general or limited partners.
(2) The receiving of collateral security, or a payment, conveyance,
or release in violation of the provisions of paragraph (1) is a fraud on
the creditors of the partnership.
1918, ch. 280, sec. 14.
14. (RELATION OF LIMITED PARTNERS INTER SE.) Where there
are several limited partners the members may agree that one or more
of the limited partners shall have a priority over other limited partners
as to the return of their contributions, as to their compensation by way
of income, or as to any other matter. If such an agreement is made
it shall be stated in the certificate, and in the absence of such a state-
ment all the limited partners shall stand upon equal footing.
1918, ch. 280, sec. 15.
15. (COMPENSATION OF LIMITED PARTNER.) A limited partner
may receive from the partnership the share of the profits or the com-
pensation by way of income stipulated for in the certificate; provided,
that after such payment is made, whether from the property of the
partnership or that of a general partner, the partnership assets are in
excess of all liabilities of the partnership except liabilities to limited
partners on account of their contributions and to general partners.
1918, ch. 280, sec. 16.
16. (WITHDRAWAL OR REDUCTION OF LIMITED PARTNER'S CON-
TRIBUTION.) (1) A limited partner shall not receive from a general
partner or out of partnership property any part of his contribution
until
(a) All liabilities of the partnership, except liabilities to general
partners and to limited partners on account of their contributions, have
been paid or there remains property of the partnership sufficient to pay
them,
(b) The consent of all members is had, unless the return of the con-
tribution may be rightfully demanded under the provisions of para-
graph (2), and
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