Louisiana Revised Statutes 9:3434 – Restrictions on distributions
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Terms Used In Louisiana Revised Statutes 9:3434
- 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.
A partner that is not liable under La. Rev. Stat. 9:3431(A) shall not be individually liable for the return of a distribution from the partnership to satisfy the liabilities and obligations described in said Subsection A except to the extent that the partner is required to return the distribution in a revocatory action brought in accordance with Chapter 12 of Title IV of Book III of the Civil Code.
Acts 1993, No. 475, §3, eff. June 9, 1993.