The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
006
:
DISTRIBUTIONS AND WITHDRAWAL
(Cite as: 11 V.S.A. § 3458)
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§ 3458. Liability upon return of contribution
(a) If a partner has received the return of any part of his or her contribution without
violation of the partnership agreement or this chapter, he or she 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 his or her contribution in violation
of the partnership agreement or this chapter, he or she 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 his or her contribution to the extent that a distribution
to him or her reduces his or her 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 3405 of this title, of his or her contribution which has not been distributed to him or her. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)