N.Y. PTR. LAW § 112 : NY Code - Section 112: Distribution of assets

Search N.Y. PTR. LAW § 112 : NY Code - Section 112: Distribution of assets

(1)  In  settling accounts after
  dissolution the liabilities of the  partnership  shall  be  entitled  to
  payment in the following order:
    (a)  Those  to creditors, in the order of priority as provided by law,
  except those to limited partners on account of their contributions,  and
  to general partners.
    (b) Those to limited partners in respect to their share of the profits
  and other compensation by way of income on their contributions.
    (c)  Those  to  limited  partners  in  respect to the capital of their
  contributions.
    (d) Those to general partners other than for capital and profits.
    (e) Those to general partners in respect to profits.
    (f) Those to general partners in respect to capital.
    (2) Subject to any statement  in  the  certificate  or  to  subsequent
  agreement,  limited  partners share in the partnership assets in respect
  to their claims for capital, and in respect to their claims for  profits
  or   for   compensation   by   way  of  income  on  their  contributions
  respectively, in proportion to the respective amounts of such claims.