§ 10-107. Business transactions of partner with partnership
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 10-107
§ 10-107. Business transactions of partner with partnership
(a) Except as provided in the partnership agreement, a partner may lend money to and transact other business with the limited partnership and subject to other applicable law has the same rights and obligations with respect thereto as a person who is not a partner.
(b) Except in the case of action or failure to act by a partner which constitutes willful misconduct or recklessness, and subject to the standards and restrictions, if any, set forth in its partnership agreement, a limited partnership has the power to indemnify and hold harmless any partner, employee, or agent of the limited partnership from and against any and all claims and demands whatsoever.
Credits
Added by Acts 1981, c. 801, § 2. Amended by Acts 1988, c. 550.
MD Code, Corporations and Associations, § 10-107, MD CORP & ASSNS § 10-107
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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