State Codes and Statutes
Statutes > North-carolina > Chapter_59 > GS_59-502§59‑502. Liability for contributions.
(a) Except as providedin the partnership agreement, a partner is obligated to the limited partnershipto perform any enforceable promise to contribute cash or property or to performservices, even if the partner is unable to perform because of death, disabilityor any other reason. If a partner does not make the required contribution ofproperty or services, the partner is obligated at the option of the limitedpartnership to contribute cash equal to that portion of the agreed value of thestated contribution that has not been made. As used in this section, the term"agreed value" means an amount or other measure of value as (i) isprovided in the partnership agreement, or (ii) if not provided in the partnershipagreement, is required to be set forth in the written records required pursuantto G.S. 59‑106.
(b) Unless otherwiseprovided in the partnership agreement, the obligation of a partner to make acontribution or return money or other property paid or distributed in violationof this Article may be compromised only by consent of all the partners. Anysuch compromise, however, shall not affect the rights of a creditor whose claimarose prior to the date of the compromise.
(c) No promise by alimited partner to contribute to the limited partnership is enforceable unlessin a writing signed by the limited partner. (1985 (Reg. Sess., 1986), c.989, s. 2; 1999‑362, s. 23.)
