Maine Revised Statutes Title 31 Sec. 1394 – Power of general partner and person dissociated as general partner to bind partnership after dissolution
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1. General partner‘s act after dissolution. A limited partnership is bound by a general partner‘s act after dissolution that:
A. Is appropriate for winding up the limited partnership’s activities; or [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. Would have bound the limited partnership under section 1352 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1394
- General partner: means :
A. See Maine Revised Statutes Title 31 Sec. 1302Partner: means a limited partner or general partner. See Maine Revised Statutes Title 31 Sec. 1302 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. Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity. See Maine Revised Statutes Title 31 Sec. 1302
2. Dissociated general partner’s act after dissolution. A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:
A. At the time the other party enters into the transaction:
(1) Less than 2 years has passed since the dissociation; and
(2) The other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. The act:
(1) Is appropriate for winding up the limited partnership’s activities; or
(2) Would have bound the limited partnership under section 1352 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §C2 (NEW).