§ 500-403A. Limited partnership liable for general partner’s actionable conduct
Oklahoma Statutes AnnotatedTitle 54. Partnership
54 Okl.St.Ann. § 500-403A
§ 500-403A. Limited partnership liable for general partner’s actionable conduct
LIMITED PARTNERSHIP LIABLE FOR GENERAL PARTNER'S ACTIONABLE CONDUCT.
(a) A limited partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a general partner acting in the ordinary course of activities of the limited partnership or with authority of the limited partnership.
(b) If, in the course of the limited partnership's activities or while acting with authority of the limited partnership, a general partner receives or causes the limited partnership to receive money or property of a person not a partner, and the money or property is misapplied by a general partner, the limited partnership is liable for the loss.
Credits
Laws 2010, c. 384, § 37, eff. Jan. 1, 2011.
54 Okl. St. Ann. § 500-403A, OK ST T. 54 § 500-403A
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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