2005 Minnesota Statutes

     322A.52 Liability upon return of contribution. 

    (a) If a partner has received the return of any part of a 
 contribution without violation of the partnership agreement or 
 sections 322A.01 to 322A.87, that partner is liable to the 
 limited partnership for a period of one 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. 

    (b) If a partner has received the return of any part of a 
 contribution in violation of the partnership agreement or 
 sections 322A.01 to 322A.87, that partner is liable to the 
 limited partnership for a period of six years thereafter for the 
 amount of the contribution wrongfully returned. 

    (c) A partner receives a return of a contribution to the 
 extent that a distribution reduces that partner's 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 section 322A.05) of the contribution which 
 has not been distributed to that partner. 

    HIST: 1980 c 582 art 5 s 38; 1986 c 430 s 20; 1986 c 444