Louisiana Civil Code 2809 – Fiduciary duty; activities prejudicial to the partnership.
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Louisiana Civil Code 2809
- Fiduciary: A trustee, executor, or administrator.
- 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.
A partner owes a fiduciary duty to the partnership and to his partners. He may not conduct any activity, for himself or on behalf of a third person, that is contrary to his fiduciary duty and is prejudicial to the partnership. If he does so, he must account to the partnership and to his partners for the resulting profits.
Acts 1980, No. 150, §1.