1952

LAWS OF MARYLAND

[Ch. 311

10-116. LIABILITY OF LIMITED PARTNER TO PARTNERSHIP.

(A)   A LIMITED PARTNER IS LIABLE TO THE PARTNERSHIP:

(1)      FOR THE DIFFERENCE BETWEEN HIS
CONTRIBUTION AS ACTUALLY MADE AND THAT STATED IN THE
CERTIFICATE AS HAVING BEEN MADE; AND

(2)    FOR ANY UNPAID CONTRIBUTION WHICH HE
AGREED IN THE CERTIFICATE TO MAKE IN THE FUTURE AT THE
TIME AND ON THE CONDITIONS STATED IN THE CERTIFICATE.

(B)    A LIMITED PARTNER HOLDS AS TRUSTEE FOR THE
PARTNERSHIP:

(1)     SPECIFIC PROPERTY STATED IN THE
CERTIFICATE AS CONTRIBUTED BY HIM, BUT WHICH WAS NOT
CONTRIBUTED OR WHICH HAS BEEN WRONGFULLY RETURNED; AND

(2)   MONEY OR OTHER PROPERTY WRONGFULLY PAID
OR CONVEYED TO HIM ON ACCOUNT OF HIS CONTRIBUTION.

(C)    THE LIABILITIES OF A LIMITED PARTNER AS SET
FORTH IN THIS SECTION CAN BE WAIVED OR COMPROMISED ONLY
BY THE CONSENT OF ALL MEMBERS; BUT A WAIVER OR COMPROMISE
SHALL NOT AFFECT THE RIGHT OF A CREDITOR OF A
PARTNERSHIP, WHO EXTENDED CREDIT OR WHOSE CLAIM AROSE
AFTER THE FILING AND BEFORE A CANCELLATION OR AMENDMENT
OF THE CERTIFICATE, TO ENFORCE SUCH LIABILITIES.

(D) WHEN A CONTRIBUTOR HAS RIGHTFULLY RECEIVED THE
RETURN IN WHOLE OR IN PART OF THE CAPITAL OF HIS
CONTRIBUTION, HE IS NEVERTHELESS LIABLE TO THE
PARTNERSHIP FOR ANY SUM, NOT IN EXCESS OF THE RETURN WITH
INTEREST, NECESSARY TO DISCHARGE ITS LIABILITIES TO ALL
CREDITORS WHO EXTENDED CREDIT OR WHOSE CLAIMS AROSE
BEFORE THE RETURN.

REVISOR'S NOTE: This section presently appears as
Art. 73, §17.

In two instances, the word "the" is
substituted for the word "such."

The only other changes are technical changes
in punctuation.

10-117.        NATURE OF LIMITED PARTNER'S INTEREST IN

PARTNERSHIP.

A LIMITED PARTNER'S INTEREST IN THE PARTNERSHIP IS
PERSONAL PROPERTY.

REVISOR'S NOTE: This section presently appears as