362.250 Partner accountable as a fiduciary.
108 words·~1 min read·
/ky/chapter-362/362-250A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Every partner must account to the partnership for any benefit, and hold as trustee for
it any profits derived by him without the consent of the other partners from any
transaction connected with the formation, conduct, or liquidation of the partnership
or from any use by him of its property.
(2)This section applies also to the representatives of a deceased partner engaged in the
liquidation of the affairs of the partnership as the personal representatives of the last
surviving partner.
(3)That a transaction was fair to the partnership shall not constitute a defense to the
breach of the obligation in subsection
(1)of this section.