Tennessee § 61-3-505 - Liability for improper distributions.
Full text of Tennessee Tennessee Code Annotated § 61-3-505 — Liability for improper distributions., with citation guidance and answers to common questions.
§ 61-3-505. Liability for improper distributions.
If a general partner consents to a distribution made in violation of § 61-3-504 and in consenting to the distribution fails to comply with § 61-3-409, 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 § 61-3-504. A person that receives a distribution knowing that the distribution violated § 61-3-504 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 § 61-3-504. A general partner against which an action is commenced because the general partner is liable under subsection (a) may: Implead any other person that is liable under subsection (a) and seek to enforce a right of contribution from the person; and Implead any person that received a distribution in violation of subsection (b) and seek to enforce a right of contribution from the person in the amount the person received in violation of subsection (b). An action under this section is barred unless commenced not later than two (2) years after the distribution. Acts 2017, ch. 440, § 1.
Frequently Asked Questions About Tennessee § 61-3-505
What does Tennessee Code Annotated § 61-3-505 cover?
Section 61-3-505 ("Liability for improper distributions.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. 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 Tennessee § 61-3-505?
A common citation format is "Tennessee Code Annotated § 61-3-505" (Tennessee). 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 Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 61-3-505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee 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 Tennessee.