Maine Revised Statutes Title 31 Sec. 1045 – Actions by partnership and partners
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1. Partnership action against partner. 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.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1045
- Business: includes every trade, occupation and profession. See Maine Revised Statutes Title 31 Sec. 1001
- 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 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001
- Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Maine Revised Statutes Title 31 Sec. 1001
2. Partner action against partnership. 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; [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. Enforce the partner’s rights under this chapter, including:
(2) The partner’s right on dissociation to have the partner’s interest in the partnership purchased pursuant to section 1071 or enforce any other right under subchapter 6 or 7; or
(3) The partner’s right to compel a dissolution and winding up of the partnership business or enforce any other right under subchapter 8; or [PL 2005, c. 543, Pt. A, §2 (NEW).]
C. Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship. [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
3. Time limitation. 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.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).