Sec. 8. (a) If a partner has received the return of any part of the partner's contribution without violation of the partnership agreement or this article, the partner is liable to the limited partnership for a period of one (1) year after receiving the return of contribution 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 has received the return of any part of the partner's contribution in violation of the partnership agreement or this article, the partner is liable to the limited partnership for a period of six (6) years after receiving the return of contribution for the amount of the contribution wrongfully returned. (c) A partner receives a return of the partner's contribution to the extent that a distribution to the partner reduces the partner's share of the fair value of the net assets of the limited partnership below the agreed value (as stated in the records of the limited partnership) of the partner's contribution that has not been distributed to the partner. IC 23-16-8 Chapter 8. Assignment of Partnership Interests 23-16-8-1 Nature of partnership interest 23-16-8-2 Assignment of partnership interest 23-16-8-3 Rights of creditor 23-16-8-4 Right of assignee to become limited partner 23-16-8-5 Power of estate of deceased or incompetent partner
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