Section 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 property of a partnership subject to this subchapter shall not be subject to KRS 381.135(1)(a) 1.Effective:7/12/2006
Created 2006, Ky. Acts ch. 149, sec. 37, effective7/12/2006.