Terms Used In Vermont Statutes Title 11 Sec. 3456

  • Partner: means a limited or general partner. See
  • 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.

§ 3456. Right to distribution

At the time a partner becomes entitled to receive a distribution, he or she has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)