Okla. Stat. tit. 54, § 54-500-812A
This is the official text of Okla. Stat. tit. 54, § 54-500-812A, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.
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Disposition of assets - When contributions required
Official statutory text
DISPOSITION OF ASSETS; WHEN CONTRIBUTIONS REQUIRED.
(a) In winding up a limited partnership’s activities, the
assets of the limited partnership, including the contributions
required by this section, must be applied to satisfy the limited
partnership’s obligations to creditors, including, to the extent
permitted by law, partners that are creditors.
Oklahoma Statutes - Title 54. Partnership Page 133
(b) Any surplus remaining after the limited partnership
complies with subsection (a) of this section must be paid in cash as
a distribution.
(c) If a limited partnership’s assets are insufficient to
satisfy all of its obligations under subsection (a) of this section,
with respect to each unsatisfied obligation incurred when the
limited partnership was not a limited liability limited partnership,
the following rules apply:
(1) Each person that was a general partner when the obligation
was incurred and that has not been released from the obligation
under Section 58 of this act shall contribute to the limited
partnership for the purpose of enabling the limited partnership to
satisfy the obligation. The contribution due from each of those
persons is in proportion to the right to receive distributions in
the capacity of general partner in effect for each of those persons
when the obligation was incurred.
(2) If a person does not contribute the full amount required
under paragraph (1) of this subsection with respect to an
unsatisfied obligation of the limited partnership, the other persons
required to contribute by paragraph (1) of this subsection on
account of the obligation shall contribute the additional amount
necessary to discharge the obligation. The additional contribution
due from each of those other persons is in proportion to the right
to receive distributions in the capacity of general partner in
effect for each of those other persons when the obligation was
incurred.
(3) If a person does not make the additional contribution
required by paragraph (2) of this subsection, further additional
contributions are determined and due in the same manner as provided
in that paragraph.
(d) A person that makes an additional contribution under
paragraph (2) or (3) of subsection (c) of this section may recover
from any person whose failure to contribute under paragraph (1) or
(2) of subsection (c) of this section necessitated the additional
contribution. A person may not recover under this subsection more
than the amount additionally contributed. A person’s liability
under this subsection may not exceed the amount the person failed to
contribute.
(e) The estate of a deceased individual is liable for the
person’s obligations under this section.
(f) An assignee for the benefit of creditors of a limited
partnership or a partner, or a person appointed by a court to
represent creditors of a limited partnership or a partner, may
enforce a person’s obligation to contribute under subsection (c) of
this section.
(a) In winding up a limited partnership’s activities, the
assets of the limited partnership, including the contributions
required by this section, must be applied to satisfy the limited
partnership’s obligations to creditors, including, to the extent
permitted by law, partners that are creditors.
Oklahoma Statutes - Title 54. Partnership Page 133
(b) Any surplus remaining after the limited partnership
complies with subsection (a) of this section must be paid in cash as
a distribution.
(c) If a limited partnership’s assets are insufficient to
satisfy all of its obligations under subsection (a) of this section,
with respect to each unsatisfied obligation incurred when the
limited partnership was not a limited liability limited partnership,
the following rules apply:
(1) Each person that was a general partner when the obligation
was incurred and that has not been released from the obligation
under Section 58 of this act shall contribute to the limited
partnership for the purpose of enabling the limited partnership to
satisfy the obligation. The contribution due from each of those
persons is in proportion to the right to receive distributions in
the capacity of general partner in effect for each of those persons
when the obligation was incurred.
(2) If a person does not contribute the full amount required
under paragraph (1) of this subsection with respect to an
unsatisfied obligation of the limited partnership, the other persons
required to contribute by paragraph (1) of this subsection on
account of the obligation shall contribute the additional amount
necessary to discharge the obligation. The additional contribution
due from each of those other persons is in proportion to the right
to receive distributions in the capacity of general partner in
effect for each of those other persons when the obligation was
incurred.
(3) If a person does not make the additional contribution
required by paragraph (2) of this subsection, further additional
contributions are determined and due in the same manner as provided
in that paragraph.
(d) A person that makes an additional contribution under
paragraph (2) or (3) of subsection (c) of this section may recover
from any person whose failure to contribute under paragraph (1) or
(2) of subsection (c) of this section necessitated the additional
contribution. A person may not recover under this subsection more
than the amount additionally contributed. A person’s liability
under this subsection may not exceed the amount the person failed to
contribute.
(e) The estate of a deceased individual is liable for the
person’s obligations under this section.
(f) An assignee for the benefit of creditors of a limited
partnership or a partner, or a person appointed by a court to
represent creditors of a limited partnership or a partner, may
enforce a person’s obligation to contribute under subsection (c) of
this section.
Status: in_force · Read it on the official government site
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