New Jersey § 42:2a-46
Full text of New Jersey New Jersey Statutes § 42:2a-46, with citation guidance and answers to common questions.
§ 42:2a-46.
Liability upon return of contribution. a. If a limited partner has received the return of any part of his contribution
without violation of the partnership agreement or this chapter, he is liable to the
limited partnership for a period of one 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. b. If a limited partner has received the return of any part of his contribution in
violation of the partnership agreement or this chapter, he is liable to the limited
partnership for a period of six years thereafter for the amount of the contribution
wrongfully returned. c. If a general partner has received the return of any part of his contribution without
violation of the partnership agreement or this chapter, he is liable, until the termination
of the applicable statute of limitations, to the limited partnership 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. d. If a general partner has received the return of any part of his contribution in
violation of the partnership agreement or this chapter, he is liable, until the termination
of the applicable statute of limitations, to the limited partnership for the amount
of the contribution wrongfully returned. e. A partner receives a return of his contribution to the extent that a distribution
causes the partner's share of the fair value of the net assets of the partnership
to be less than the value, determined at the time of, but without giving effect to
the distribution, of the balance of the partner's aggregate contributions to the partnership
which, as of that date, had not been returned to him, which determination shall be
made on the basis of the partnership records required to be maintained pursuant to
section 9 of P.L. 1983, c. 489 ( C. 42:2A-9 ).
Frequently Asked Questions About New Jersey § 42:2a-46
What does New Jersey Statutes § 42:2a-46 cover?
Section 42:2a-46 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 42:2a-46?
A common citation format is "New Jersey Statutes § 42:2a-46" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 42:2a-46 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.