New York § 121-804 - 121-804Distribution of assets
Full text of New York New York Consolidated Laws § 121-804 — 121-804Distribution of assets, with citation guidance and answers to common questions.
§ 121-804. 121-804Distribution of assets
§ 121-804. Distribution of assets. Upon the winding up of a limited partnership, the assets shall be distributed as follows: (a) to creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership, whether by payment or by establishment of adequate reserves, other than liabilities for distributions to partners under section 121-601 or 121-604 of this article; (b) except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under section 121-601 or 121-604 of this article; and (c) except as provided in the partnership agreement, to partners first for the return of their contributions, to the extent not previously returned, and secondly respecting their partnership interests, in the proportions in which the partners share in distributions in accordance with section 121-504 of this article.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 121-804
What does New York Consolidated Laws § 121-804 cover?
Section 121-804 ("121-804Distribution of assets") is part of the New York Consolidated Laws, the codified statutory law of New York. 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 York § 121-804?
A common citation format is "New York Consolidated Laws § 121-804" (New York). 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 York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 121-804 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York 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 York.