Guam § 27405 - Distribution of Assets.
Full text of Guam Guam Code Annotated § 27405 — Distribution of Assets., with citation guidance and answers to common questions.
§ 27405. Distribution of Assets.
(1) In settling accounts after dissolution, the liabilities of the part-
nership 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 of 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.
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18 GCA BUSINESS S TRUCTURE & FUNCTION
(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 compensa-
tion by way of income on their contributions respectively, in proportion to
the respective amounts of such claims.
Frequently Asked Questions About Guam § 27405
What does Guam Code Annotated § 27405 cover?
Section 27405 ("Distribution of Assets.") is part of the Guam Code Annotated, the codified statutory law of Guam. 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 Guam § 27405?
A common citation format is "Guam Code Annotated § 27405" (Guam). 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 Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 27405 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam 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 Guam.