New York § 102 - 102Loans and other business transactions with limited partner
Full text of New York New York Consolidated Laws § 102 — 102Loans and other business transactions with limited partner, with citation guidance and answers to common questions.
§ 102. 102Loans and other business transactions with limited partner
§ 102. Loans and other business transactions with limited partner. (1) A limited partner also may loan money to and transact other business with the partnership, and, unless he is also a general partner, receive on account of resulting claims against the partnership, with general creditors, a pro rata share of the assets. No limited partner shall in respect to any such claim (a) Receive or hold as collateral security any partnership property, or, (b) Receive from a general partner or the partnership any payment, conveyance or release from liability, if at the time the assets of the partnership are not sufficient to discharge partnership liabilities to persons not claiming as general or limited partners. (2) The receiving of collateral security, or a payment, conveyance or release in violation of the provisions of subdivision one is a fraud on the creditors of the partnership.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 102
What does New York Consolidated Laws § 102 cover?
Section 102 ("102Loans and other business transactions with limited partner") 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 § 102?
A common citation format is "New York Consolidated Laws § 102" (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 § 102 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.