{"data":{"id":"us-ok/okla.-stat.-tit.-54-54-1-807","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 54, § 54-1-807","heading":"Settlement of Accounts and Contributions Among Partners","body":"Settlement of Accounts and Contributions Among Partners. (a)\n\nIn winding up a partnership's business, the assets of the\n\npartnership, including the contributions of the partners required by\n\nthis section, must be applied to discharge its obligations to\n\ncreditors, including, to the extent permitted by law, partners who\n\nare creditors. Any surplus must be applied to pay in cash the net\n\namount distributable to partners in accordance with their right to\n\ndistributions under subsection (b) of this section.\n\n(b) Each partner is entitled to a settlement of all partnership\n\naccounts upon winding up the partnership business. In settling\n\naccounts among the partners, the profits and losses that result from\n\nthe liquidation of the partnership assets must be credited and\n\ncharged to the partners' accounts. The partnership shall make a\n\ndistribution to a partner in an amount equal to any excess of the\n\ncredits over the charges in the partner's account. A partner shall\n\ncontribute to the partnership an amount equal to any excess of the\n\ncharges over the credits in the partner's account but excluding from\n\nthe calculation charges attributable to an obligation for which the\n\npartner is not personally liable under Section 18 of this act.\n\n(c) If a partner fails to contribute the full amount required\n\nunder subsection (b) of this section, all of the other partners\n\nshall contribute, in the proportions in which those partners share\n\npartnership losses, the additional amount necessary to satisfy the\n\npartnership obligations for which they are personally liable under\n\nSection 18 of this act. A partner or partner's legal representative\n\nmay recover from the other partners any contributions the partner\n\nmakes to the extent the amount contributed exceeds that partner's\n\nshare of the partnership obligations for which the partner is\n\npersonally liable under Section 18 of this act.\n\n(d) After the settlement of accounts, each partner shall\n\ncontribute, in the proportion in which the partner shares\n\npartnership losses, the amount necessary to satisfy partnership\n\nobligations that were not known at the time of the settlement and\n\nfor which the partner is personally liable under Section 18 of this\n\nact.\n\n(e) The estate of a deceased partner is liable for the\n\npartner's obligation to contribute to the partnership.\n\n(f) An assignee for the benefit of creditors of a partnership\n\nor a partner, or a person appointed by a court to represent\n\ncreditors of a partnership or a partner, may enforce a partner's\n\nobligation to contribute to the partnership.","path":["OK Code","Title 54"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os54.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b32ce3590e66f162879f356ab9331a29471b54970a4ae06341cedda41210bc3b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-54-54-1-806","next":"us-ok/okla.-stat.-tit.-54-54-1-901"},"notice":"GroundRules: Original legal text. Not legal advice."}