Colorado § 7-61-124 - Distribution of assets.
Full text of Colorado Colorado Revised Statutes § 7-61-124 — Distribution of assets., with citation guidance and answers to common questions.
§ 7-61-124. Distribution of assets.
(1) In 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.
Source: L. 31: p. 639, § 23. CSA: C. 123, § 66. CRS 53: § 104-2-23. C.R.S. 1963: § 104-2-23.
ANNOTATION
Applied in Beals v. Tri-B Assocs., 644 P.2d 78 (Colo. App. 1982).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-61-124
What does Colorado Revised Statutes § 7-61-124 cover?
Section 7-61-124 ("Distribution of assets.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-61-124?
A common citation format is "Colorado Revised Statutes § 7-61-124" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-61-124 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.