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56-1a253. General partners' powers and liabilities. (a) Except as provided in this act or in the partnership agreement, a general partner of a limited partnership has the rights and powers and is subject to the restrictions of a partner in a partnership without limited partners.

(b) Except as provided in this act, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to persons other than the partnership and the other partners.

(c) Except as provided in this act or in the partnership agreement, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to the partnership and to the other partners.

History: L. 1983, ch. 88, ยง 25; July 1.

Law Review and Bar Journal References:

"Fiduciary Duties in Business Entities," Edwin W. Hecker, Jr., 54 K.L.R. 975 (2006).

"Up Squeeze-Out Merger Creek Without a Paddle: Life for Minority Interest Holders After Welch v. Via Christi Health Partners, Inc.," Francis J. Baalmann 56 K.L.R. 197 (2007).

CASE ANNOTATIONS

1. Applicability of restrictions on partnership admission in partnership agreement to involuntary transfers of partnership interests examined. Temple v. White Lakes Plaza Assocs., Ltd., 15 K.A.2d 771, 778, 816 P.2d 399 (1991).

2. Cited; individual partners responsible for corporation's liabilities regardless of language in promissory note. Monarch Normandy Square v. Normandy Square, 817 F.Supp. 919, 921 (1993).

3. Unnamed partners personal property may not be attached to satisfy judgment against partnership. Hoelting Enterprises v. Nelson, 23 K.A.2d 228, 233, 929 P.2d 183 (1996).

4. Limited partners must rely on general partners to make decisions. In re Estate of Hjersted, 285 K. 559, 575, 175 P.3d 810 (2008).


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