Nev. Rev. Stat. § 88.525
This is the official text of Nev. Rev. Stat. § 88.525, part of Nevada’s Rev. Stat — part of the compiled statutory law of Nevada, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Liability upon return of contribution
Official statutory text
1. If a partner has received the return of any part of the partner’s contribution without violation of the partnership agreement or this chapter, the partner is liable to the limited partnership for a period of 1 year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited partnership's liabilities to creditors who extended credit to the limited partnership during the period the contribution was held by the partnership.
2. If a partner has received the return of any part of the partner’s contribution in violation of the partnership agreement or this chapter, the partner is liable to the limited partnership for a period of 6 years thereafter for the amount of the contribution wrongfully returned.
3. A partner receives a return of the partner’s contribution to the extent that a distribution to the partner reduces his or her share of the fair value of the net assets of the limited partnership below the value, as set forth in the partnership records required to be kept pursuant to NRS 88.335 , of the partner’s contribution which has not been distributed to the partner.
2. If a partner has received the return of any part of the partner’s contribution in violation of the partnership agreement or this chapter, the partner is liable to the limited partnership for a period of 6 years thereafter for the amount of the contribution wrongfully returned.
3. A partner receives a return of the partner’s contribution to the extent that a distribution to the partner reduces his or her share of the fair value of the net assets of the limited partnership below the value, as set forth in the partnership records required to be kept pursuant to NRS 88.335 , of the partner’s contribution which has not been distributed to the partner.
Status: in_force · Read it on the official government site
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