362.1 -402 Distributions in kind. (1) A partner, regardless of the nature of the partner's contribution, has no right to demand and receive any distribution in kind from a partnership. A partner shall not be compelled to accept a distribution of any asset in kind from a partnership to the extent that the percentage of the asset distributed to the partner exceeds a percentage of that asset which is equal to the percentage in which the partner shares in distributions from the partnership. A partner may be compelled to accept a distribution of any asset in kind from a partnership to the extent that the percentage of the asset distributed to the partner is equal to a percentage of that asset which is equal to the percentage in which the partner shares in distributions from the partnership. (2) The p roperty of a partnership subject to this subchapter shall not be subject to KRS 381.135(1)(a)1. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 37, effective July 12, 2006.
Kentucky Legal Code