REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) A promise by a limited partner to contribute to the limited partnership is not enforceable unless set out in a writing signed by the limited partner.
(b) Except as provided in the partnership agreement, a partner is obligated to the limited partnership to perform any enforceable promise to pay cash, to convey property, or to render services, even if he or she is unable to perform because of death, disability, or any other reason. If a partner does not perform such promise, he or she is obligated at the option of the limited partnership to contribute cash equal to that portion of the value of the promised contribution that has not been paid, conveyed, or rendered.
(c) The partnership agreement may provide that the interest of any partner who fails to make any contribution that he or she is obligated to make, or who fails to pay any agreed assessment that he or she is obligated to make, shall be subject to a reasonable penalty for such failure. Such penalty may take the form of reducing the defaulting partner's proportionate interest in the partnership, subordinating his or her interest to that of nondefaulting partners, a forced sale of his or her partnership interest in compliance with reasonable procedures for notice and disposition, forfeiture of his or her partnership interest on compliance with reasonable procedures for notice, the lending of the amount necessary to meet his or her commitment by other partners, a fixing of the value of his or her interest by appraisal or by suitable formula and redemption or sale of his or her interest at such value, or other reasonable penalty.
(d) Unless otherwise provided in the partnership agreement, the obligation of a partner to make a contribution or return money or other property paid or distributed in violation of this chapter may be compromised only by consent of all partners. Notwithstanding the compromise, a creditor of a limited partnership who extends credit or otherwise acts in reliance on that obligation after the partner signs a writing which reflects the obligation and before the amendment or cancellation thereof to reflect the compromise may enforce the original obligation.
REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) A promise by a limited partner to contribute to the limited partnership is not enforceable unless set out in a writing signed by the limited partner.
(b) Except as provided in the partnership agreement, a partner is obligated to the limited partnership to perform any enforceable promise to pay cash, to convey property, or to render services, even if he or she is unable to perform because of death, disability, or any other reason. If a partner does not perform such promise, he or she is obligated at the option of the limited partnership to contribute cash equal to that portion of the value of the promised contribution that has not been paid, conveyed, or rendered.
(c) The partnership agreement may provide that the interest of any partner who fails to make any contribution that he or she is obligated to make, or who fails to pay any agreed assessment that he or she is obligated to make, shall be subject to a reasonable penalty for such failure. Such penalty may take the form of reducing the defaulting partner's proportionate interest in the partnership, subordinating his or her interest to that of nondefaulting partners, a forced sale of his or her partnership interest in compliance with reasonable procedures for notice and disposition, forfeiture of his or her partnership interest on compliance with reasonable procedures for notice, the lending of the amount necessary to meet his or her commitment by other partners, a fixing of the value of his or her interest by appraisal or by suitable formula and redemption or sale of his or her interest at such value, or other reasonable penalty.
(d) Unless otherwise provided in the partnership agreement, the obligation of a partner to make a contribution or return money or other property paid or distributed in violation of this chapter may be compromised only by consent of all partners. Notwithstanding the compromise, a creditor of a limited partnership who extends credit or otherwise acts in reliance on that obligation after the partner signs a writing which reflects the obligation and before the amendment or cancellation thereof to reflect the compromise may enforce the original obligation.
REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) A promise by a limited partner to contribute to the limited partnership is not enforceable unless set out in a writing signed by the limited partner.
(b) Except as provided in the partnership agreement, a partner is obligated to the limited partnership to perform any enforceable promise to pay cash, to convey property, or to render services, even if he or she is unable to perform because of death, disability, or any other reason. If a partner does not perform such promise, he or she is obligated at the option of the limited partnership to contribute cash equal to that portion of the value of the promised contribution that has not been paid, conveyed, or rendered.
(c) The partnership agreement may provide that the interest of any partner who fails to make any contribution that he or she is obligated to make, or who fails to pay any agreed assessment that he or she is obligated to make, shall be subject to a reasonable penalty for such failure. Such penalty may take the form of reducing the defaulting partner's proportionate interest in the partnership, subordinating his or her interest to that of nondefaulting partners, a forced sale of his or her partnership interest in compliance with reasonable procedures for notice and disposition, forfeiture of his or her partnership interest on compliance with reasonable procedures for notice, the lending of the amount necessary to meet his or her commitment by other partners, a fixing of the value of his or her interest by appraisal or by suitable formula and redemption or sale of his or her interest at such value, or other reasonable penalty.
(d) Unless otherwise provided in the partnership agreement, the obligation of a partner to make a contribution or return money or other property paid or distributed in violation of this chapter may be compromised only by consent of all partners. Notwithstanding the compromise, a creditor of a limited partnership who extends credit or otherwise acts in reliance on that obligation after the partner signs a writing which reflects the obligation and before the amendment or cancellation thereof to reflect the compromise may enforce the original obligation.
