Nevada § 87A.430 - Liability for improper distributions
Full text of Nevada Nevada Revised Statutes § 87A.430 — Liability for improper distributions, with citation guidance and answers to common questions.
§ 87A.430. Liability for improper distributions
1. A general partner that consents to a distribution made in violation of NRS 87A.425 is personally liable to the limited partnership for the amount of the distribution
which 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 NRS 87A.385 . 2. A partner or transferee that received a distribution knowing that the distribution
to that partner or transferee was made in violation of NRS 87A.425 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 NRS 87A.425 . 3. 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 (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. 4. An action under this section is barred if it is not commenced within 2 years after
the distribution.
Frequently Asked Questions About Nevada § 87A.430
What does Nevada Revised Statutes § 87A.430 cover?
Section 87A.430 ("Liability for improper distributions") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. 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 Nevada § 87A.430?
A common citation format is "Nevada Revised Statutes § 87A.430" (Nevada). 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 Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 87A.430 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada 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 Nevada.