Maine § 1369. - Liability for improper distributions
Full text of Maine Maine Revised Statutes § 1369. — Liability for improper distributions, with citation guidance and answers to common questions.
§ 1369.. Liability for improper distributions
1. General partner liable if consent to distribution not in compliance. A general partner that consents to a distribution made in violation of section 1368 is personally liable to the limited partnership for the amount of the distribution that 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 1358.
2. Partner or transferee liable for excess amount received. A partner or transferee that received a distribution knowing that the distribution to that partner or transferee was made in violation of section 1368 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 1368.
3. General partner may implead, compel contribution. A general partner against which an action is commenced under subsection 1 may:
A. Implead in the action any other person that is liable under subsection 1 and compel contribution from the person; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. Implead in the action any person that received a distribution in violation of subsection 2 and compel contribution from the person in the amount the person received in violation of subsection 2. [PL 2005, c. 543, Pt. C, §2 (NEW).]
4. Action within 2 years. An action under this section is barred if it is not commenced within 2 years after the distribution.
Frequently Asked Questions About Maine § 1369.
What does Maine Revised Statutes § 1369. cover?
Section 1369. ("Liability for improper distributions") is part of the Maine Revised Statutes, the codified statutory law of Maine. 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 Maine § 1369.?
A common citation format is "Maine Revised Statutes § 1369." (Maine). 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 Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1369. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine 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 Maine.