{"data":{"id":"us-ky/krs-362.2-812","jurisdiction":"us-ky","citation":"KRS 362.2-812","heading":"Disposition of assets -- When contributions required.","body":"(1) In winding up a limited partnership's activities, the assets of the limited partnership,\nincluding the contributions required by this section, shall be applied to satisfy the\nlimited partnership's obligations to creditors, including, to the extent permitte d by\nlaw, partners that are creditors.\n(2) Any surplus remaining after the limited partnership complies with subsection (1) of\nthis section may be distributed in cash or, subject to KRS 362.2-506(1), in kind.\n(3) If the limited partnership's assets are ins ufficient to satisfy all of its obligations\nunder subsection (1) of this section, with respect to each unsatisfied obligation\nincurred when the limited partnership was not a limited liability limited partnership,\nthen the following rules apply:\n(a) Each person that was a general partner when the obligation was incurred and\nthat has not been released from that obligation under KRS 362.2 -607 shall\ncontribute to the limited partnership for the purpose of enabling the limited\npartnership to satisfy that obligat ion. The contribution due from each of those\npersons is in proportion to the right to receive distributions in the capacity of\ngeneral partner in effect for each of those persons when the obligation was\nincurred.\n(b) If a person fails to contribute the ful l amount required under subsection (3)(a)\nof this section with respect to an unsatisfied obligation of the limited\npartnership, then the other persons required to contribute by subsection (3)(a)\nof this section on account of that obligation shall contribut e the additional\namount necessary to discharge the obligation. The additional contribution due\nfrom each of those other persons is in proportion to the right to receive\ndistributions in the capacity of general partner in effect for each of those other\npersons when the obligation was incurred.\n(c) If a person fails to make the additional contribution required by subsection\n(3)(b) of this section, further additional contributions are determined and due\nin the same manner as provided in that subsection.\n(4) A person that makes an additional contribution under subsection (3)(b) or (c) of this\nsection may recover from any person whose failure to contribute under subsection\n(3)(a) or (b) of this section necessitated the additional contribution. A person shall\nnot recover under this subsection more than the amount additionally contributed. A\nperson's liability under this subsection shall not exceed the amount the person failed\nto contribute.\n(5) The estate of a deceased individual is liable for the person's obligati ons under this\nsection.\n(6) An assignee for the benefit of creditors of a limited partnership or a partner, or a\nperson appointed by a court to represent creditors of a limited partnership or a\npartner, may enforce a person's obligation to contribute under  subsection (3) of this\nsection.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34622","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:59Z","sha256":"2da47c49995e77d27e06e0ba7acb143cc2fbe8734e42293407683d4d806de43c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.2-811","next":"us-ky/krs-362.2-901"},"notice":"GroundRules: Original legal text. Not legal advice."}