§ 1-303. Statement of partnership authority
Oklahoma Statutes AnnotatedTitle 54. Partnership
54 Okl.St.Ann. § 1-303
§ 1-303. Statement of partnership authority
(c) If a filed statement of partnership authority is executed pursuant to subsection (c) of Section 6 of this act1 and states the name of the partnership but does not contain all of the other information required by subsection (a) of this section, the statement nevertheless operates with respect to a person not a partner as provided in subsections (d) and (e) of this section.
(1) Except for transfers of real property, a grant of authority contained in a filed statement of partnership authority is conclusive in favor of a person who gives value without knowledge to the contrary, so long as and to the extent that a limitation on that authority is not then contained in another filed statement. A filed cancellation of a limitation on authority revives the previous grant of authority.
(2) A grant of authority to transfer real property held in the name of the partnership contained in a certified copy of a filed statement of partnership authority recorded in the office for recording transfers of that real property is conclusive in favor of a person who gives value without knowledge to the contrary, so long as and to the extent that a certified copy of a filed statement containing a limitation on that authority is not then of record in the office for recording transfers of that real property. The recording in the office for recording transfers of that real property of a certified copy of a filed cancellation of a limitation on authority revives the previous grant of authority.
(e) A person not a partner is deemed to know of a limitation on the authority of a partner to transfer real property held in the name of the partnership if a certified copy of the filed statement containing the limitation on authority is of record in the office for recording transfers of that real property.
(f) Except as otherwise provided in subsections (d) and (e) of this section and Sections 38 and 44 of this act,2 a person not a partner is not deemed to know of a limitation on the authority of a partner merely because the limitation is contained in a filed statement.
Credits
Laws 1997, c. 399, § 15, eff. Nov. 1, 1997.
54 Okl. St. Ann. § 1-303, OK ST T. 54 § 1-303
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.
End of Document |