                                 CODE OF VIRGINIA

LIABILITY UPON RETURN OF CONTRIBUTION (§ 50-73.43)

A. If a partner has received the return of any part of his contribution without
violation of the partnership agreement or this chapter, he is liable to the
limited partnership for a period of one year thereafter for the amount of the
returned contribution, but only to the extent necessary to discharge the limited
partnership&#8217;s liabilities to creditors who extended credit to the limited
partnership during the period the contribution was held by the partnership.

B. If a partner has received the return of any part of his contribution in
violation of the partnership agreement or this chapter, he is liable to the
limited partnership for a period of six years thereafter for the amount of the
contribution wrongfully returned.

C. A partner receives a return of his contribution to the extent that a
distribution to him reduces his share of the fair value of the net assets of the
limited partnership below the value, as set forth in the partnership records to
be kept pursuant to &#xA7; 50-73.8, of his contribution which has not been
distributed to him.

HISTORY: 1985, c. 607; 1987, c. 702.