New Mexico Statutes 54-1A-405. Actions by partnership and partners
(a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.
Terms Used In New Mexico Statutes 54-1A-405
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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.
(b) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:
(1) enforce the partner’s rights under the partnership agreement;
(2) enforce the partner’s rights under the Uniform Partnership Act (1994) [54- 1A-101 to 54-1A-1206 N.M. Stat. Ann.], including:
(i) the partner’s rights under Section 401 [54-1A-401 N.M. Stat. Ann.], 403 [54- 1A-403 NMSA 1978] or 404 [54-1A-404 N.M. Stat. Ann.];
(ii) the partner’s right on dissociation to have the partner’s interest in the partnership purchased pursuant to Section 701 [54-1A-701 N.M. Stat. Ann.] or enforce any other right under Article 6 or 7; or
(iii) the partner’s right to compel a dissolution and winding up of the partnership business under Section 801 [54-1A-801 N.M. Stat. Ann.] or enforce any other right under Article 8; or
(3) enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.
(c) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.