Ohio Code § 1782.47
Ohio Code § 1782.47. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1782.47.
(A) Upon the winding up of a limited partnership, the assets shall be distributed in
the following order: (1) To creditors, including partners, to the extent permitted by law, in satisfaction
of liabilities of the limited partnership other than liabilities for distributions
to partners pursuant to section 1782.31 or 1782.34 of the Revised Code ; (2) Except as otherwise provided in the partnership agreement, to partners and former
partners in satisfaction of liabilities for distributions pursuant to section 1782.31 or 1782.34 of the Revised Code ; (3) Except as otherwise provided in the partnership agreement, to partners first for
the return of their contributions and second with respect to their partnership interests,
in the proportions in which the partners share in distributions. (B) A limited partnership that has dissolved shall pay or make reasonable provision to
pay all claims and obligations, including all contingent, conditional, or unmatured
claims and obligations, that are known to the limited partnership and all claims and
obligations that are known to the limited partnership but for which the identity of
the claimant or obligee is unknown. If there are sufficient assets, the claims and obligations shall be paid in full,
and any reasonable provision for payment shall be made in full. If there are insufficient assets, the claims and obligations shall be paid or provided
for according to their priority and, among claims and obligations of equal priority,
ratably to the extent of assets available therefor. Unless otherwise provided in a partnership agreement, any remaining assets shall
be distributed as provided in this chapter. No liquidating trustee winding up the affairs of a limited partnership who has complied
with this section shall be personally liable to the claimants of the dissolved limited
partnership by reason of his actions in winding up the limited partnership. A person named in a certificate of cancellation as a liquidating trustee shall not
be subject to liability as a general partner by reason of being so named.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1782.47
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
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The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1782.47 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
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Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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