Minnesota § 322.23 - DISTRIBUTION OF ASSETS
Full text of Minnesota Minnesota Statutes § 322.23 — DISTRIBUTION OF ASSETS, with citation guidance and answers to common questions.
§ 322.23. DISTRIBUTION OF ASSETS
In settling accounts after dissolution the liabilities of the partnership shall be entitled to payment in the following order:
(1) 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;
(2) those to limited partners in respect to their share of the profits and other compensation by way of income on their contributions;
(3) those to limited partners in respect to the capital of their contributions;
(4) those to general partners other than for capital and profits;
(5) those to general partners in respect to profits; and
(6) those to general partners in respect to capital.
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.
History:
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 322.23
What does Minnesota Statutes § 322.23 cover?
Section 322.23 ("DISTRIBUTION OF ASSETS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. 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 Minnesota § 322.23?
A common citation format is "Minnesota Statutes § 322.23" (Minnesota). 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 Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 322.23 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota 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 Minnesota.