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§ 1-306. Partner's liability

Oklahoma Statutes AnnotatedTitle 54. Partnership

Oklahoma Statutes Annotated
Title 54. Partnership
Chapter 1. Oklahoma Revised Uniform Partnership Act (Refs & Annos)
Article 3. Relations of Partners to Persons Dealing with Partnership
54 Okl.St.Ann. § 1-306
§ 1-306. Partner's liability
Partner's liability. (a) Except as otherwise provided in subsections (b) and (c) of this section, all partners are liable jointly and severally for all obligations of the partnership unless otherwise agreed by the claimant or provided by law.
(b) A person admitted as a partner into an existing partnership is not personally liable for any partnership obligation incurred before the person's admission as a partner.
(c) An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or so acting as a partner. This subsection applies notwithstanding anything inconsistent in the partnership agreement that existed immediately before the vote required to become a limited liability partnership under subsection (b) of Section 55 of this act.1

Credits

Laws 1997, c. 399, § 18, eff. Nov. 1, 1997.

Footnotes

Title 54, § 1-1001.
54 Okl. St. Ann. § 1-306, OK ST T. 54 § 1-306
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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