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Distribution of assets after the assets of a limited

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Distribution of assets.= After the assets of a limited partnership have been liquidated, theproceeds must be distributed. The RULPA provides the following order of distribution of assetsof a limited partnership upon the winding up of the partnership.New Changes.= 2001 Amendments to RULPA. - "LLLP's"= Special type of limited partnershipthat has both general partners, where both the general & limited partners have limited liability &are not personally liable for the debts of the LLLP.Chapter 48Real property.= The land itself as well as buildings, trees, soil, minerals, timber, plants, andother things permanently affixed to the land.Land.= The most common form of real property. Land owner usually purchases the surfacerights to the land.Subsurface rights. (Mineral rights).= Rights to the earth located beneath the surface of theland.Plant/vegetation. = Plant life & vegetation growing on the surface of land are considered realproperty.Fixtures.= Goods that are affixed to real estate so as to become part thereof.Air rights. = The owners of land may sell or lease air space parcels above their land.Estates in land (Estates).= Ownership rights in real property; the bundle of legal rights that theowner has to possess, use, & enjoy the property.
Fee simple absolute. = Type of ownership of real property that grants the owner the fullestbundle of legal rights that a person can hold in real property.Fee simple defeasible. = Type of ownership of real property that grants the owner all theincidents of a fee simple absolute except that it may be taken away if a specified conditionoccurs or does not occur.Life Estate. = An interest in real property for a person's life time; upon that persons death, theinterest is transferred to another party.Concurrent ownership (Co- ownership).= Situation in which two or more persons own a pieceof real property.Joint tenancy. = A form of co-ownership that includes the right of survivor ship.Tenancy in common. = Form of co-ownership in which the interest of a surviving tenant incommon passes to the deceased tenants’ estate & not to the co-tenants.Tenancy by the entirety. = Form of co-ownership of real property that can be used only bymarried couples.Community property. = Form of ownership in which each spouse owns an equal one-half shareof the income of both spouses & assets acquired during the marriage.Condominium.= Common form of ownership in a multiple-dwelling building in which thepurchaser has title to the individual unit & owns the common areas as a tenant in common withthe other condo owners.Cooperative.= Form of co-ownership of a multiple-dwelling building in which a corporationowns the building & the residents own shares in the corporation.Future Interest.= The interest that a grantor retains for himself/herself or a third party.

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Term
Fall
Professor
AnnaE.Oxenham
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