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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>78147</law_id><section_number>50-73.43</section_number><catch_line>Liability upon return of contribution</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><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="6">Distributions and Withdrawal</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> If a <span class="dictionary">partner</span> has received the return of any part of his <span class="dictionary">contribution</span> without violation of the <span class="dictionary">partnership agreement</span> or this chapter, he is liable to the <span class="dictionary">limited partnership</span> for a period of one year thereafter for the amount of the returned <span class="dictionary">contribution</span>, but only to the extent necessary to discharge the <span class="dictionary">limited partnership</span>&#x2019;s liabilities to <span class="dictionary">creditors</span> who extended credit to the <span class="dictionary">limited partnership</span> during the period the <span class="dictionary">contribution</span> was held by the partnership. <a id="paragraph-280157" class="section-permalink" href="https://vacode.org/50-73.43/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> If a <span class="dictionary">partner</span> has received the return of any part of his <span class="dictionary">contribution</span> in violation of the <span class="dictionary">partnership agreement</span> or this chapter, he is liable to the <span class="dictionary">limited partnership</span> for a period of six years thereafter for the amount of the <span class="dictionary">contribution</span> wrongfully returned. <a id="paragraph-280158" class="section-permalink" href="https://vacode.org/50-73.43/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> A <span class="dictionary">partner</span> receives a return of his <span class="dictionary">contribution</span> to the extent that a distribution to him reduces his share of the fair value of the net <span class="dictionary">assets</span> of the <span class="dictionary">limited partnership</span> below the value, as set forth in the partnership records to be kept pursuant to &#xA7; <a class="law" title="Records to be kept" href="/50-73.8/">50-73.8</a>, of his <span class="dictionary">contribution</span> which has not been distributed to him. <a id="paragraph-280159" class="section-permalink" href="https://vacode.org/50-73.43/#C"><i class="fa fa-link"/></a></p></section></text><history>1985, c. 607; 1987, c. 702.</history><metadata></metadata></law>
