Ohio § 1782.47
Full text of Ohio Ohio Revised Code § 1782.47, with citation guidance and answers to common questions.
§ 1782.47.
(A) Upon the winding up of a limited partnership, the assets shall be distributed in
the following order: (1) To creditors, including partners, to the extent permitted by law, in satisfaction
of liabilities of the limited partnership other than liabilities for distributions
to partners pursuant to section 1782.31 or 1782.34 of the Revised Code ; (2) Except as otherwise provided in the partnership agreement, to partners and former
partners in satisfaction of liabilities for distributions pursuant to section 1782.31 or 1782.34 of the Revised Code ; (3) Except as otherwise provided in the partnership agreement, to partners first for
the return of their contributions and second with respect to their partnership interests,
in the proportions in which the partners share in distributions. (B) A limited partnership that has dissolved shall pay or make reasonable provision to
pay all claims and obligations, including all contingent, conditional, or unmatured
claims and obligations, that are known to the limited partnership and all claims and
obligations that are known to the limited partnership but for which the identity of
the claimant or obligee is unknown. If there are sufficient assets, the claims and obligations shall be paid in full,
and any reasonable provision for payment shall be made in full. If there are insufficient assets, the claims and obligations shall be paid or provided
for according to their priority and, among claims and obligations of equal priority,
ratably to the extent of assets available therefor. Unless otherwise provided in a partnership agreement, any remaining assets shall
be distributed as provided in this chapter. No liquidating trustee winding up the affairs of a limited partnership who has complied
with this section shall be personally liable to the claimants of the dissolved limited
partnership by reason of his actions in winding up the limited partnership. A person named in a certificate of cancellation as a liquidating trustee shall not
be subject to liability as a general partner by reason of being so named.
Frequently Asked Questions About Ohio § 1782.47
What does Ohio Revised Code § 1782.47 cover?
Section 1782.47 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 1782.47?
A common citation format is "Ohio Revised Code § 1782.47" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1782.47 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.