Kentucky Statutes 362.1-405 – Actions by partnership and partners
Current as of: 2024 | Check for updates
|
Other versions
(1) 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.
(2) 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:
(a) Enforce the partner’s rights under the partnership agreement; (b) Enforce the partner’s rights under this subchapter, including:
1. The partner’s rights under KRS § 362.1-401, 362.1-403, or 362.1-404;
2. The partner’s right on dissociation to have the partner’s interest in the partnership purchased pursuant to KRS § 362.1-701 or enforce any other right under KRS § 362.1-601 to KRS § 362.1-705; or
3. The partner’s right to compel a dissolution and winding up of the partnership business under or enforce any other right under KRS § 362.1-
801 to 362.1-807; or
(c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.
(3) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by KRS Chapter 413. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 40, effective July 12, 2006.
(2) 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:
Terms Used In Kentucky Statutes 362.1-405
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Business: includes every trade, occupation, and profession. See Kentucky Statutes 362.1-101
- 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.
- Partnership: means an association of two (2) or more persons to carry on as co- owners a business for profit formed under KRS §. See Kentucky Statutes 362.1-101
- Partnership agreement: means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Kentucky Statutes 362.1-101
(a) Enforce the partner’s rights under the partnership agreement; (b) Enforce the partner’s rights under this subchapter, including:
1. The partner’s rights under KRS § 362.1-401, 362.1-403, or 362.1-404;
2. The partner’s right on dissociation to have the partner’s interest in the partnership purchased pursuant to KRS § 362.1-701 or enforce any other right under KRS § 362.1-601 to KRS § 362.1-705; or
3. The partner’s right to compel a dissolution and winding up of the partnership business under or enforce any other right under KRS § 362.1-
801 to 362.1-807; or
(c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.
(3) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by KRS Chapter 413. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 40, effective July 12, 2006.