MARVIN MANDEL, Governor

1955

REVISOR'S NOTE: This section presently appears as

Art. 73, §22. Cross-references and
nomenclature are conformed.

The only other changes are technical changes
in style.

10-122. DISTRIBUTION OF ASSETS.

(A) IN SETTLING ACCOUNTS AFTER DISSOLUTION THE
LIABILITIES OF THE PARTNERSHIP SHALL BE ENTITLED TO
PAYMENT IN THE FOLLOWING ORDER:

(1)    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;

(2)   THOSE TO LIMITED PARTNERS IN RESPECT TO
THEIR SHARE OF THE PROFITS AND OTHER COMPENSATION BY WAY
OF INCOME ON THEIR CONTRIBUTIONS;

(3)   THOSE TO LIMITED PARTNERS IN RESPECT TO
THE CAPITAL OF THEIR CONTRIBUTIONS;

(4) THOSE TO GENERAL PARTNERS OTHER THAN FOR
CAPITAL AND PROFITS;

(5)   THOSE TO GENERAL PARTNERS IN RESPECT TO
PROFITS; AND

(6)    THOSE TO GENERAL PARTNERS IN RESPECT TO
CAPITAL.

(B) 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
THE CLAIMS,

REVISOR'S NOTE: This section presently appears as
Art. 73, §23.

The word "and" is added at the end of
subsection (a)(5) of this section.

In subsection (b) of this section, the word
"the" is substituted for the word "such."

The only other changes are technical changes