The appellant, acting as receiver and manager for a general partner, appealed a judgment determining that the assets of a dissolved limited partnership must be distributed according to the priority scheme in s. 24 of the Limited Partnerships Act.
The appellant argued that the partnership agreement ousted the statutory priority and that assets should be distributed based on percentage interests.
The Court of Appeal dismissed the appeal, holding that unequivocal language is required to oust the legislative priority provisions.
Because the partnership agreement did not explicitly address priority, the statutory scheme applied.