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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>63061</law_id><section_number>50-73.33</section_number><catch_line>Liability for contribution</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>50-73.47</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="50">Partnerships</unit><unit label="chapter" level="2" order_by="1" identifier="2.1">Virginia Revised Uniform Limited Partnership Act</unit><unit label="article" level="3" order_by="1" identifier="5">Finance</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> 1. A promise by a <span class="dictionary">limited partner</span> to contribute to the <span class="dictionary">limited partnership</span> is not enforceable unless set out in a writing signed by the <span class="dictionary">limited partner</span> or his duly authorized <span class="dictionary">attorney-in-<span class="dictionary">fact</span></span>. <a id="paragraph-229990" class="section-permalink" href="https://vacode.org/50-73.33/#A"><i class="fa fa-link"/></a></p></section>
						<section id="A2" class="indent-1"><p><span class="prefix-number">2.</span> Except as provided in the <span class="dictionary">partnership agreement</span>, a partner is obligated to the <span class="dictionary">limited partnership</span> to perform any enforceable promise to contribute cash or property or to perform services, even if he is unable to perform because of death, disability or any other reason. If a partner does not make the required <span class="dictionary">contribution</span> of property or services, he is obligated at the option of the <span class="dictionary">limited partnership</span> to contribute cash equal to that portion of the value, as stated in the partnership records required to be kept pursuant to &#xA7; <a class="law" title="Records to be kept" href="/50-73.8/">50-73.8</a>, of the stated <span class="dictionary">contribution</span> that has not been made. <a id="paragraph-229991" class="section-permalink" href="https://vacode.org/50-73.33/#A2"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> Unless otherwise provided in the <span class="dictionary">partnership agreement</span>, the obligation of a partner to make a <span class="dictionary">contribution</span> or return money or other property paid or distributed in violation of this chapter may be compromised only by consent of all the <span class="dictionary">partners</span>. Notwithstanding the compromise, a <span class="dictionary">creditor</span> of a <span class="dictionary">limited partnership</span> who extends credit or otherwise acts in reliance on that obligation after the partner signs a writing that reflects the obligation and before the amendment or cancellation thereof to reflect the compromise, may enforce the original obligation. <a id="paragraph-229992" class="section-permalink" href="https://vacode.org/50-73.33/#B"><i class="fa fa-link"/></a></p></section></text><history>1985, c. 607; 1987, c. 702.</history><metadata></metadata></law>
