State Codes and Statutes
Statutes > Iowa > Title-12 > Subtitle-1 > Chapter-488 > 488-507 488.507 RIGHT TO DISTRIBUTION. When a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership's obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made.
Section History: Recent Form 2004 Acts, ch 1021, §49, 118