Section 70.340 - Distribution of assetsUpon the winding up of a limited partnership, the assets shall be distributed as follows:
(1) To the extent permitted by law, to creditors, including partners who are creditors, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under ORS 70.250 or 70.260.(2) Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under ORS 70.250 or 70.260.(3) Except as provided in the partnership agreement, to partners as follows:(a) First, for the return of their contributions; and(b) Secondly, respecting their partnership interests, in the proportions in which the partners share in distributions.