GroundRules
← Search the law
Oklahoma · Snapshot open-us-law v2026.08, retrieved 2026-09-14

Okla. Stat. tit. 54, § 54-500-509A: Liability for improper distributions

Read at publisher ↗
Where this section sits in the code
  1. OK Code
  2. Title 54

LIABILITY FOR IMPROPER DISTRIBUTIONS.

(a) A general partner that consents to a distribution made in

violation of Section 50 of this act is personally liable to the

limited partnership for the amount of the distribution which exceeds

the amount that could have been distributed without the violation if

it is established that in consenting to the distribution the general

partner failed to comply with Section 42 of this act.

(b) A partner or transferee that received a distribution

knowing that the distribution to that partner or transferee was made

in violation of Section 50 of this act is personally liable to the

limited partnership but only to the extent that the distribution

received by the partner or transferee exceeded the amount that could

have been properly paid under Section 50 of this act.

(c) A general partner against which an action is commenced

under subsection (a) of this section may:

(1) implead in the action any other person that is liable under

subsection (a) of this section and compel contribution from the

person; and

(2) implead in the action any person that received a

distribution in violation of subsection (b) of this section and

compel contribution from the person in the amount the person

received in violation of subsection (b) of this section.

(d) An action under this section is barred if it is not

commenced within two (2) years after the distribution.

Collected 2026-09-14T18:32:36Z. Source file · JSON

Browse this collection