35-12-1008. Liability upon return of contributions. (1) If a partner has received the return of any part of his contribution without violation of the partnership agreement or this chapter, for a period of 1 year thereafter he is liable to the limited partnership for the amount of his contribution returned, 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.
     (2) If a partner has received the return of any part of his contribution in violation of the partnership agreement or this chapter, for a period of 6 years thereafter he is liable to the limited partnership for the amount of the contribution wrongfully returned.
     (3) A partner has received a return of his contribution to the extent that a distribution to him reduces his share of the fair value of the net assets of the limited partnership below the value (as set forth in the certificate of limited partnership) of his contributions which have not theretofore been distributed to him.

     History: En. Sec. 41, Ch. 522, L. 1981.