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§ 500-502A. Liability for contribution

Oklahoma Statutes AnnotatedTitle 54. Partnership

Oklahoma Statutes Annotated
Title 54. Partnership
Chapter 9. Uniform Limited Partnership Act of 2010 (Refs & Annos)
Article 5. Contributions and Distributions
54 Okl.St.Ann. § 500-502A
§ 500-502A. Liability for contribution
LIABILITY FOR CONTRIBUTION.
(a) A partner's obligation to contribute money or other property or other benefit to, or to perform services for, a limited partnership is not excused by the partner's death, disability, or other inability to perform personally.
(b) If a partner does not make a promised nonmonetary contribution, the partner is obligated at the option of the limited partnership to contribute money equal to that portion of the value, as stated in the required information, of the stated contribution which has not been made.
(c) The obligation of a partner to make a contribution or return money or other property paid or distributed in violation of the Uniform Limited Partnership Act of 2010 may be compromised only by consent of all partners. A creditor of a limited partnership which extends credit or otherwise acts in reliance on an obligation described in subsection (a) of this section, without notice of any compromise under this subsection, may enforce the original obligation.

Credits

Laws 2010, c. 384, § 44, eff. Jan. 1, 2011.
54 Okl. St. Ann. § 500-502A, OK ST T. 54 § 500-502A
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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