Ky. Rev. Stat. § 362.2-804

Current through 2024 Ky. Acts ch. 225

Section 362.2-804 - Power of general partner and person dissociated as general partner to bind partnership after dissolution

(1) A limited partnership is bound by a general partner's act after dissolution which:

(a) Is appropriate for winding up the limited partnership's activities; or

(b) Would have bound the limited partnership under KRS 362.2-402 before dissolution if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.

(2) A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:

(a) At the time the other party enters into the transaction:

1. Less than two (2) years has passed since the dissociation; and

2. The other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and

(b) The act:

1. Is appropriate for winding up the limited partnership's activities; or

2. Would have bound the limited partnership under KRS 362.2-402 before dissolution and, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.

KRS 362.2-804

Effective:7/12/2006
Created 2006, Ky. Acts ch. 149, sec. 152, effective7/12/2006.