Pennsylvania § 8655 - Liability for improper distributions.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 8655 — Liability for improper distributions., with citation guidance and answers to common questions.
§ 8655. Liability for improper distributions.
(a) General rule.--If a general partner consents to a distribution made in violation of section 8654 (relating to limitations on distributions) and in consenting to the distribution fails to comply with section 8649 (relating to standards of conduct for general partners), the general partner is personally liable to the limited partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation of section 8654.
(b) Recipients.--A person that receives a distribution knowing that the distribution violated section 8654 is personally liable to the limited partnership but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid under section 8654.
(c) Contribution.--A general partner against which an action is commenced because the general partner is liable under subsection (a) may:
(1) join any other person that is liable under subsection (a) or otherwise seek to enforce a right of contribution from the person; and
(2) join any person that received a distribution in violation of subsection (b) or otherwise seek to enforce a right of contribution from the person in the amount the person received in violation of subsection (b).
(d) Statute of repose.--An action under this section is barred unless commenced within two years after the distribution.
Frequently Asked Questions About Pennsylvania § 8655
What does Pennsylvania Consolidated Statutes § 8655 cover?
Section 8655 ("Liability for improper distributions.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 8655?
A common citation format is "Pennsylvania Consolidated Statutes § 8655" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 8655 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.