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528 LIMITED PARTNERSHIPS. [ART. LXXIII
1918, ch. 280, sec. 21.
21. (DEATH OF LIMITED PARTNER.) (1) On the death of a lim-
ited partner his executor or administrator shall have all the rights of
a limited partner for the purpose of settling his estate, and such power
as the deceased had to constitute his assignee a substituted limited
partner.
(2) The estate of a deceased limited partner shall be liable for all
his liabilities as a limited partner.
1918, ch. 280, sec. 22.
22. (RIGHTS OF CREDITORS OF LIMITED PARTNER.) (1) On due
application to a court of competent jurisdiction by any judgment cred-
itor of a limited partner, the court may charge the interest of the
indebted limited partner with payment of the unsatisfied amount of the
judgment debt; and may appoint a receiver, and make all other orders,
directions, and inquiries which the circumstances of the case may-
require.
(2) The interest may be redeemed with the separate property of any
general partner, but may not be redeemed with partnership property.
(3) The remedies conferred by paragraph (1) shall not be deemed
exclusive of others which may exist.
(4) Nothing in this article shall be held to deprive a limtied partner
of his statutory exemption.
1918, ch. 280, sec. 22A.
22A. (DISTRIBUTION OF ASSETS.) (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 jn 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 con-
tributions,
(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.
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