North Carolina § 59-504 - Sharing of distributions.
Full text of North Carolina North Carolina General Statutes § 59-504 — Sharing of distributions., with citation guidance and answers to common questions.
§ 59-504. Sharing of distributions.
Distributions of cash or other assets of a limited partnership shall be made among the partners, and among classes of partners, in the manner provided in the partnership agreement. To the extent the partnership agreement does not provide for the sharing of distributions among the partners, distributions shall be made among the partners on the basis of the agreed value of the contributions made by each partner to the extent they have been received by the partnership and have not been returned. As used in this section, the term "agreed value" means an amount or other measure of value as (i) is provided in the partnership agreement, or (ii) if not provided in the partnership agreement, is required to be set forth in the written records required pursuant to G.S. 59-106. History (1985 (Reg. Sess., 1986), c. 989, s. 2; 1999-362, s. 25.)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 59-504
What does North Carolina General Statutes § 59-504 cover?
Section 59-504 ("Sharing of distributions.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. 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 North Carolina § 59-504?
A common citation format is "North Carolina General Statutes § 59-504" (North Carolina). 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 North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 59-504 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina 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 North Carolina.