1999 Minnesota Statutes

     322A.66 Distribution of assets. 

    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 section 322A.45 or 322A.48; 

    (2) except as provided in the partnership agreement, to 
 partners and former partners in satisfaction of liabilities for 
 distributions under section 322A.45 or 322A.48; 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. 

    HIST: 1980 c 582 art 5 s 47