§54-500-804A. Power of general partner and person dissociated as
209 words·~1 min read·
/ok/title-54-partnership/54-500-804a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
general partner to bind partnership after dissolution.
POWER OF GENERAL PARTNER AND PERSON DISSOCIATED AS GENERAL PARTNER TO BIND PARTNERSHIP AFTER DISSOLUTION.
(a)A limited partnership is bound by a general partner’s act after dissolution which:
(1)is appropriate for winding up the limited partnership’s activities; or
(2)would have bound the limited partnership under Section 36 of this act before dissolution, if, at the time the other party
enters into the transaction, the other party does not have notice of the dissolution.
(b)A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:
(1)at the time the other party enters into the transaction:
(A)less than two
(2)years has passed since the
dissociation; and
(B)the other party does not have notice of the
dissociation and reasonably believes that the person
is a general partner; and
(2)the act:
(A)is appropriate for winding up the limited
partnership’s activities; or
(B)would have bound the limited partnership under Section
36 of this act before dissolution and at the time the
other party enters into the transaction the other
party does not have notice of the dissolution. Added by Laws 2010, c. 384, § 66, eff. Jan. 1, 2011.