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Georgia State Code
Title      14
Chapter      9A  
Section Navigation     1 ... 23           24 ... 45    
    46 ... 90         91 ... 118   
   119 ... 128       129 ... 130     
Section<<< 24 25 26 27 40 41 42 43 44 45 >>>  
Title 14, Chapter 9A, Section 44 (14-9A-44)

(a) A limited partner may loan money to and transact other business with the partnership and, unless he is also a general partner, receive on account of resulting claims against the partnership, with general creditors, a pro rata share of the assets. No limited partner shall in respect to any such claim:

(1) Receive or hold as collateral security any partnership property; or

(2) Receive from a general partner or the partnership any payment, conveyance, or release from liability, if at the time the assets of the partnership are not sufficient to discharge partnership liabilities to persons not claiming as general or limited partners.

(b) The receiving of collateral security, or a payment, conveyance, or release in violation of subsection (a) of this Code section is a fraud on the creditors of the partnership.

Friday September 5 22:03 CDT


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