Nevada § 88.525 - Liability upon return of contribution
Full text of Nevada Nevada Revised Statutes § 88.525 — Liability upon return of contribution, with citation guidance and answers to common questions.
§ 88.525. Liability upon return of contribution
1. If a partner has received the return of any part of the partner’s contribution
without violation of the partnership agreement or this chapter, the partner is liable
to the limited partnership for a period of 1 year thereafter for the amount of the
returned contribution, but only to the extent necessary to discharge the limited partnership's
liabilities to creditors who extended credit to the limited partnership during the
period the contribution was held by the partnership. 2. If a partner has received the return of any part of the partner’s contribution
in violation of the partnership agreement or this chapter, the partner is liable to
the limited partnership for a period of 6 years thereafter for the amount of the contribution
wrongfully returned. 3. A partner receives a return of the partner’s contribution to the extent that a
distribution to the partner reduces his or her share of the fair value of the net
assets of the limited partnership below the value, as set forth in the partnership
records required to be kept pursuant to NRS 88.335 , of the partner’s contribution which has not been distributed to the partner.
Frequently Asked Questions About Nevada § 88.525
What does Nevada Revised Statutes § 88.525 cover?
Section 88.525 ("Liability upon return of contribution") 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 § 88.525?
A common citation format is "Nevada Revised Statutes § 88.525" (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 § 88.525 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.