                                 CODE OF VIRGINIA

DISTRIBUTION OF ASSETS (§ 50-73.52)

Upon the winding up of a limited partnership, the assets shall be distributed as
follows:

1. To creditors, including partners who are creditors, to the extent permitted
by law, in satisfaction of liabilities of the limited partnership other than
liabilities for distributions to partners under &#xA7; 50-73.36 or &#xA7;
50-73.39;

2. Except as provided in the partnership agreement, to partners and former
partners in satisfaction of liabilities for distributions under &#xA7; 50-73.36
or &#xA7; 50-73.39; and

3. Except as provided in the partnership agreement, to partners first for the
return of their contributions and secondly respecting their partnership
interests, in the proportions in which the partners share in distributions.

HISTORY: 1985, c. 607.