Kentucky Statutes 362.315 – Right of partner to contribution from co-partners after dissolution
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Where the dissolution is caused by the act, death or bankruptcy of a partner, each partner is liable to his co-partners for his share of any liability created by any partner acting for the partnership as if the partnership had not been dissolved unless:
(1) The dissolution being by act of any partner, the partner, acting for the partnership had knowledge of the dissolution;
(2) The dissolution being by the death or bankruptcy of a partner, the partner acting for the partnership had knowledge or notice of the death or bankruptcy; or
(3) The liability arises from a debt, obligation, or liability for which the partner is not liable as provided in KRS § 362.220(2).
Effective: June 26, 2007
History: Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180, effective June 26, 2007. — Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Amended 1994 Ky. Acts ch. 389, sec. 99, effective July 15, 1994.
— Created 1954 Ky. Acts ch. 38, sec. 34, effective June 17, 1954.
(1) The dissolution being by act of any partner, the partner, acting for the partnership had knowledge of the dissolution;
Terms Used In Kentucky Statutes 362.315
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
(2) The dissolution being by the death or bankruptcy of a partner, the partner acting for the partnership had knowledge or notice of the death or bankruptcy; or
(3) The liability arises from a debt, obligation, or liability for which the partner is not liable as provided in KRS § 362.220(2).
Effective: June 26, 2007
History: Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180, effective June 26, 2007. — Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Amended 1994 Ky. Acts ch. 389, sec. 99, effective July 15, 1994.
— Created 1954 Ky. Acts ch. 38, sec. 34, effective June 17, 1954.