(1) A limited partner also may loan money to and transact other business with the partnership and, unless the limited partner is also a general partner, receive, on account of resulting claims against the partnership, a pro rata share of the assets with general creditors.
(2) No limited partner shall, in respect to any such claim:
Receive or hold as collateral security any partnership property; or
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.
(3) The receiving of collateral security or a payment, conveyance, or release in violation of the provisions of subsection (1) of this section is a fraud on the creditors of the partnership.
Source: L. 31: p. 632, § 13. CSA: C. 123, § 56. CRS 53: § 104-2-13. C.R.S. 1963: § 104-2-13. L. 2004: (1) amended, p. 1437, § 116, effective July 1.