Conn. Gen. Stat. § 34-25a
Liability of partner upon return of any part of his contribution
Connecticut · General Statutes of Connecticut Chapter 610 — Uniform Limited Partnership Act · Status: effective
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- Citation
- Conn. Gen. Stat. § 34-25a, Liability of partner upon return of any part of his contribution, Connecticut, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2199807
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Full text
(a) If a partner has received the return of any part of his contribution without violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of one year thereafter for the amount of the returned contribution, without interest, 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 his contribution in violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of six years thereafter for the amount of the contribution, without interest, wrongfully returned.
(c) A partner receives a return of his contribution to the extent that a distribution to him reduces or further reduces his share of the fair value of the net assets of the limited partnership below the value of his contribution, as set forth in the partnership records required to be kept pursuant to section 34-13c, which has not been distributed to him.