N.Y. PTR Law § 102
This is the official text of N.Y. PTR Law § 102, part of New York’s PTR Law — part of the compiled statutory law of New York, published by the state as "PTR Law." Browse the sections below, each linked to its official government source.
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Loans and other business transactions with limited partner
Official statutory text
§ 102. Loans and other business transactions with limited partner. (1)\nA limited partner also may loan money to and transact other business\nwith the partnership, and, unless he is also a general partner, receive\non account of resulting claims against the partnership, with general\ncreditors, a pro rata share of the assets. No limited partner shall in\nrespect to any such claim\n (a) Receive or hold as collateral security any partnership property,\nor,\n (b) Receive from a general partner or the partnership any payment,\nconveyance or release from liability, if at the time the assets of the\npartnership are not sufficient to discharge partnership liabilities to\npersons not claiming as general or limited partners.\n (2) The receiving of collateral security, or a payment, conveyance or\nrelease in violation of the provisions of subdivision one is a fraud on\nthe creditors of the partnership.\n
Status: in_force · Read it on the official government site
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