362.455 Liability for contribution.
241 words·~1 min read·
/ky/chapter-362/362-455A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A promise by a limited partner to contribute to the limited partnership shall not be
enforceable unless it is set out in a writing signed by or on behalf of, pursuant to a
power of attorney which need not be of record, the limited partner.
(2)Except as provided in the partnership agreement, a partner shall be obligated to the
limited partnership to perform any enforceable promise to contribute cash or
property or to perform services, even if he is unable to perform because of his death
or disability or any other reason. If a partner does not make the required
contribution of property or services, he shall be obligated, at the option of the
limited partnership, to contribute cash equal to that portion of the value, as stated in
the partnership records required to be kept pursuant to KRS 362.409, of the stated
contribution that has not been made.
(3)Unless otherwise provided in the partnership agreement, the obligation of a partner
to make a contribution or return money or other property paid or distributed in
violation of this section may be compromised only by consent of all the partners.
Notwithstanding the compromise, a creditor of a limited partnership who extends
credit or otherwise acts in reliance upon that obligation after the partner has signed
a writing which reflects the obligation, and before the amendment or cancellation of
the writing to reflect the compromise, may enforce the original obligation.