Vermont § 3458 - Liability upon return of contribution
Full text of Vermont Vermont Statutes Online § 3458 — Liability upon return of contribution, with citation guidance and answers to common questions.
§ 3458. Liability upon return of contribution
- (a) If a partner has received the return of any part of his or her contribution without
violation of the partnership agreement or this chapter, he or she is liable to the
limited partnership for a period of one year thereafter for the amount of the returned
contribution, but only to the extent necessary to discharge the limited partnership’s
liabilities to creditors who extended credit to the limited partnership during the
period the contribution was held by the partnership. (b) If a partner has received the return of any part of his or her contribution in violation
of the partnership agreement or this chapter, he or she is liable to the limited partnership
for a period of six years thereafter for the amount of the contribution wrongfully
returned. (c) A partner receives a return of his or her contribution to the extent that a distribution
to him or her reduces his or her share of the fair value of the net assets of the
limited partnership below the value, as set forth in the partnership records required
to be kept pursuant to section 3405 of this title, of his or her contribution which has not been distributed to him or her. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)
Frequently Asked Questions About Vermont § 3458
What does Vermont Statutes Online § 3458 cover?
Section 3458 ("Liability upon return of contribution") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 3458?
A common citation format is "Vermont Statutes Online § 3458" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 3458 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.