Kentucky Statutes 362.595 – Result of failure to comply with KRS 362.555 — Service of process
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(1) The failure of a registered limited liability partnership to comply with any requirements of KRS § 362.555 shall not impair the validity of any contract, deed, mortgage, security interest, lien, or act of the registered limited liability partnership or prevent the registered limited liability partnership from defending any action, suit, or proceeding in any court of this Commonwealth.
(2) Subject to subsection (3) of this section, the protection from liability of a partner of a registered limited liability partnership under KRS § 362.220(2) shall not be altered by reason of the failure of the partnership to comply with any requirements of KRS
362.555.
(3) A partner in a partnership which has previously filed a statement under KRS
362.555, and which has failed to comply with the renewal statement requirements of KRS § 362.555, shall not be entitled to protection from liability under KRS
362.220(2) in any action or proceeding brought by any person who did business
with the partnership during the period it failed to comply and who did not at that time have actual knowledge that it was a limited liability partnership.
Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 146, effective July 15,
2010. — 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; and amend 2007 Ky. Acts ch. 137, sec. 146, effective June
26, 2007. — Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Created 1994 Ky. Acts ch. 389, sec. 106, effective July 15, 1994.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”
(2) Subject to subsection (3) of this section, the protection from liability of a partner of a registered limited liability partnership under KRS § 362.220(2) shall not be altered by reason of the failure of the partnership to comply with any requirements of KRS
Terms Used In Kentucky Statutes 362.595
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
362.555.
(3) A partner in a partnership which has previously filed a statement under KRS
362.555, and which has failed to comply with the renewal statement requirements of KRS § 362.555, shall not be entitled to protection from liability under KRS
362.220(2) in any action or proceeding brought by any person who did business
with the partnership during the period it failed to comply and who did not at that time have actual knowledge that it was a limited liability partnership.
Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 146, effective July 15,
2010. — 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; and amend 2007 Ky. Acts ch. 137, sec. 146, effective June
26, 2007. — Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Created 1994 Ky. Acts ch. 389, sec. 106, effective July 15, 1994.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”