1950

LAWS OF MARYLAND

[Ch. 311

(2) RECEIVE 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 PERSONS NOT CLAIMING AS GENERAL OR LIMITED PARTNERS.

(B) THE RECEIVING OF COLLATERAL SECURITY, OR A
PAYMENT, CONVEYANCE, OF RELEASE IN VIOLATION OF THE
PROVISIONS OF SUBSECTION (A) IS A FRAUD ON THE CREDITORS
OF THE PARTNERSHIP.

REVISOR'S NOTE: This section presently appears as
Art. 73, §13. A cross—reference is conformed.

The only other changes are technical changes
in punctuation.

10-113. 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 MAY 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 STATEMENT ALL THE LIMITED
PARTNERS SHALL STAND UPON EQUAL FOOTING.

REVISOR'S NOTE: This section presently appears as
Art. 73, §14.

No changes are made.

10-114. COMPENSATION OF LIMITED PARTNER.

A LIMITED PARTNER MAY RECEIVE FROM THE PARTNERSHIP
THE SHARE OF THE PROFITS OR THE COMPENSATION 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.

REVISOR'S NOTE: This section presently appears as
Art. 73, §15.

No changes are made.

10-115. WITHDRAWAL OR REDUCTION OF LIMITED PARTNERS
CONTRIBUTION.

(A) A LIMITED PARTNER SHALL NOT RECEIVE FROM A
GENERAL PARTNER OR OUT OF PARTNERSHIP PROPERTY ANY PART