Alaska Statutes 32.11.280 – Distribution in kind
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 32.11.280
- contribution: means cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, that a partner contributes to a limited partnership as a partner. See Alaska Statutes 32.11.900
- partner: means a limited or general partner. See Alaska Statutes 32.11.900
- 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 a valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Alaska Statutes 32.11.900
- writing: includes printing. See Alaska Statutes 01.10.060
Except as provided in writing in the partnership agreement, a partner, regardless of the nature of the partner’s contribution, does not have the right to demand and receive a distribution from a limited partnership in a form other than cash. Except as provided in writing in the partnership agreement, a partner may not be compelled to accept a distribution of an asset in kind from a limited partnership to the extent that the percentage of the asset distributed to the partner exceeds a percentage of that asset that is equal to the percentage in which the partner shares in distributions from the limited partnership.