Page:United States Statutes at Large Volume 76.djvu/708

 660

PUBLIC LAW 87-716-SEPT. 28, 1962

[76 STAT.

DKATH OF LIMITED PARTNER

SEC. 21. (1) On the death of a limited partner his executor or administrator shall have all the rights of a limited partner for the purpose of settling his estate, and such power as the deceased had to constitute his assignee a substituted limited partner. (2) The estate of a deceased limited partner shall be liable for all his liabilities as a limited partner. RIGHTS OF CREDITORS OF LIMITED PARTNER

SEC. 22. (1) On due application to a court of competent jurisdiction by any judgment creditor of a limited partner, the court may charge the interest of the indebted limited partner with payment of the unsatisfied amount of the judgment debt; and may appoint a receiver, and make all other orders, directions, and inquiries which the circumstances of the case may require. (2) The interest may be redeemed with the separate property of any general partner, but may not be redeemed with partnership property. (3) The remedies conferred by paragraph (1) shall not be deemed exclusive of others which may exist. (4) Nothing in this Act shall be held to deprive a limited partner of his statutory exemption. DISTRIBUTION OF ASSETS

SEC. 23. (1) I n settling accounts after dissolution the liabilities of the partnership shall be entitled to payment in the following order: (a) Those to creditors, in the order of priority as provided by law, except those to limited partners on account of their contributions, and to general partners. (b) Those to limited partners in respect to their share of the profits and other compensation by way of income on their contributions. (c) Those to limited partners in respect to the capital of their contributions. (d) Those to general partners other than for capital and profits. (e) Those to general partners in respect to profits. (f) Those to general partners in respect to capital. (2) Subject to any statement in the certificate or to subsequent agreement, limited partners share in the partnership assets in respect to their claims for capital, and in respect to their claims for profits or for compensation by way of income on their contributions respectively, in proportion to the respective amounts of such claims. W H E N CERTIFICATE SHALL BE CANCELED 0|t AMENDED

SEC. 24. (1) The certificate shall be canceled when the partnership is dissolved or all limited partners cease to be such. (2) A certificate shall be amended when— (a) there is a change in the name of the partnership or in the amount or character of the contribution of any limited partner, (b) a person is substituted as a limited partner, (c) an additional limited partner is admitted, (d) a person is admitted as a general partner, (e) a general partner retires, dies, or becomes insane, and the business is continued under section 20, (f) there is a change in the character of the business of the partnership,

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