Nevada § 87.4357 - Settlement of accounts and contributions among partners

§ 87.4357. Settlement of accounts and contributions among partners

1. In winding up a partnership's business, the assets of the partnership, including

the contributions of the partners required by this section, must be applied to discharge

its obligations to creditors, including, to the extent permitted by law, partners

who are creditors. Any surplus must be applied to pay in cash the net amount distributable to partners

in accordance with their right to distributions under subsection 2. 2. Each partner is entitled to a settlement of all partnership accounts upon winding

up the partnership business. In settling accounts among the partners, profits and losses that result from the

liquidation of the partnership assets must be credited and charged to the partners'

accounts. The partnership shall make a distribution to a partner in an amount equal to any

excess of the credits over the charges in the partner's account. A partner shall contribute to the partnership an amount equal to any excess of the

charges over the credits in the partner's account but excluding from the calculation

charges attributable to an obligation for which the partner is not personally liable

under NRS 87.433 . 3. If a partner fails to contribute the full amount required under subsection 2, all

of the other partners shall contribute, in the proportions in which those partners

share partnership losses, the additional amount necessary to satisfy the partnership

obligations for which they are personally liable under NRS 87.433 . A partner or partner's legal representative may recover from the other partners

any contributions the partner makes to the extent the amount contributed exceeds that

partner's share of the partnership obligations for which the partner is personally

liable under NRS 87.433 . 4. After the settlement of accounts, each partner shall contribute, in the proportion

in which the partner shares partnership losses, the amount necessary to satisfy partnership

obligations that were not known at the time of the settlement and for which the partner

is personally liable under NRS 87.433 . 5. The estate of a deceased partner is liable for the partner's obligation to contribute

to the partnership. 6. An assignee for the benefit of creditors of a partnership or a partner, or a person

appointed by a court to represent creditors of a partnership or a partner, may enforce

a partner's obligation to contribute to the partnership.