The Florida Senate

620.148  Liability upon return of contribution.--

(1)(a)  If a partner receives the return of any part of his or her contribution without violation of the partnership agreement or this act, the partner is liable to the limited partnership for a period of 1 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 receives the return of any part of his or her contribution in violation of the partnership agreement or this act, the partner is liable to the limited partnership for a period of 6 years thereafter for the amount of the contribution wrongfully returned.

(2)  A partner receives a return of his or her contribution to the extent that a distribution to the partner 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 s. 620.106, of the partner's contribution which has not been distributed to him or her.

History.--s. 40, ch. 86-263; s. 130, ch. 97-102.