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§ 500-404A. General partner’s liability

Oklahoma Statutes AnnotatedTitle 54. Partnership

Oklahoma Statutes Annotated
Title 54. Partnership
Chapter 9. Uniform Limited Partnership Act of 2010 (Refs & Annos)
Article 4. General Partners
54 Okl.St.Ann. § 500-404A
§ 500-404A. General partner’s liability
GENERAL PARTNER'S LIABILITY.
(a) Except as otherwise provided in subsections (b) and (c) of this section, all general partners are liable jointly and severally for all obligations of the limited partnership unless otherwise agreed by the claimant or provided by law.
(b) A person that becomes a general partner of an existing limited partnership is not personally liable for an obligation of a limited partnership incurred before the person became a general partner.
(c) An obligation of a limited partnership incurred while the limited partnership is a limited liability limited partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the limited partnership. A general partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or acting as a general partner. This subsection applies despite anything inconsistent in the partnership agreement that existed immediately before the consent required to become a limited liability limited partnership under paragraph (2) of subsection (b) of Section 40 of this act.

Credits

Laws 2010, c. 384, § 38, eff. Jan. 1, 2011.
54 Okl. St. Ann. § 500-404A, OK ST T. 54 § 500-404A
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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