Priority between limited partners

Where there are several limited partners, the members may agree that one (1) or more of the limited partners shall have a priority over other limited partners as to the return of their contributions, as to their compensation by way of income, or as to any other matter. If such an agreement is made, it shall be stated in the partnership agreement, and in the absence of such a statement, all the limited partners shall stand upon equal footing. Acts 1988, ch. 922, § 1; T.C.A., § 61-2-609 ; Acts 1989, ch. 270, § 56. Where there are several limited partners, the members may agree that one (1) or more of the limited partners shall have a priority over other limited partners as to the return of their contributions, as to their compensation by way of income, or as to any other matter. If such an agreement is made, it shall be stated in the partnership agreement, and in the absence of such a statement, all the limited partners shall stand upon equal footing. Acts 1988, ch. 922, § 1; T.C.A., § 61-2-609 ; Acts 1989, ch. 270, § 56.