Kansas Statutes 56-1a,454. Distribution of assets
Terms Used In Kansas Statutes 56-1a,454
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership agreement: means any valid written or oral agreement of the partners as to the affairs of a limited partnership and the conduct of its business. See Kansas Statutes 56-1a,101
Upon the winding up of the affairs of a limited partnership, the assets shall be distributed as follows:
(a) To creditors, including partners who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under Kan. Stat. Ann. §§ 56-1a351 or 56-1a354;
(b) unless otherwise provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under Kan. Stat. Ann. §§ 56-1a351 or 56-1a354; and
(c) unless otherwise provided in the partnership agreement, to partners first for the return of their contributions and second respecting their partnership interests, in the proportions in which the partners share in distributions.