178.0404 Liability for contribution.
136 words·~1 min read·
/wi/chapter-178/178-0404A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
178.0404 Liability for contribution.
(1)A person’s obligation to make a contribution to a partnership is not excused by the person’s death, disability, termination, or other inability to perform personally.
(2)If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the partnership to contribute money equal to the value of the part of the contribution which has not been made.
(3)The obligation of a person to make a contribution may be compromised only by the affirmative vote or consent of all the partners. If a creditor of a limited liability partnership extends credit or otherwise acts in reliance on an obligation described in sub.
(1)without knowledge or notice of a compromise under this subsection, the creditor may enforce the obligation.