                                 CODE OF VIRGINIA

OTHER CLAIMS AGAINST DISSOLVED LIMITED PARTNERSHIP (§ 50-73.52:2)

A. A dissolved limited partnership may also publish notice of its dissolution
and request that persons with claims against the dissolved limited partnership
present them in accordance with the notice.

B. The notice shall:

   1. Be published one time in a newspaper of general circulation in the city or
   county where the dissolved limited partnership&#8217;s principal office, or,
   if none in the Commonwealth, its registered office, is or was last located;

   2. Describe the information that must be included in a claim and provide a
   mailing address where the claim may be sent; and

   3. State that a claim against the dissolved limited partnership will be barred
   unless a proceeding to enforce the claim is commenced prior to the earlier of
   the expiration of any applicable statute of limitations or three years after
   the date of publication of the notice.

C. If the dissolved limited partnership publishes a newspaper notice in
accordance with subsection B, the claim of each of the following claimants is
barred unless the claimant commences a proceeding to enforce the claim against
the dissolved limited partnership prior to the earlier of the expiration of any
applicable statute of limitations or three years after the publication date of
the newspaper notice:

   1. A claimant who was not given written notice under &#xA7; 50-73.52:1;

   2. A claimant whose claim was timely sent to the dissolved limited partnership
   but not acted on; and

   3. A claimant whose claim does not meet the definition of a claim in
   subsection D of &#xA7; 50-73.52:1.

D. A claim that is not barred by subsection C of § 50-73.52:1 or subsection C
of § 50-73.52:2 may be enforced:

   1. Against the dissolved limited partnership, to the extent of its
   undistributed assets; or

   2. Except as provided in subsection D of &#xA7; 50-73.52:3, if the assets have
   been distributed in liquidation, against a partner of the dissolved limited
   partnership to the extent of the partner&#8217;s pro rata share of the claim
   or the limited partnership assets distributed to the partner in liquidation,
   whichever is less, but a partner&#8217;s total liability for all claims under
   this section may not exceed the total amount of assets distributed to the
   partner.

HISTORY: 2006, c. 912.