35-12-902. Liability for contributions. (1) Except as otherwise provided in the certificate of limited partnership, a partner is liable to the limited partnership for any promise to contribute cash or property or to perform services regardless of whether he is personally unable to perform because of disability, death, or any other reason. If a partner does not make the required contribution of property or services, he is obligated at the option of the limited partnership to contribute cash equal to that portion of the value (as stated in the certificate of limited partnership) of the stated contribution that has not been made.
     (2) Unless otherwise provided in the partnership agreement, the obligation of a partner to make a contribution or return money or other property paid or distributed in violation of this chapter may be compromised only by consent of all of the partners. Notwithstanding a compromise so authorized, a creditor of a limited partnership who extends credit or whose claim arises after the filing of the certificate of limited partnership or an amendment thereto which, in either case, reflects the obligation and before the amendment or cancellation thereof to reflect the compromise may enforce the precompromise obligation.

     History: En. Sec. 31, Ch. 522, L. 1981.