§425E-304  Right of limited partner and former
limited partner to information.  (a)  [Subsection effective
until June 30, 2010.  For subsection effective July 1, 2010, see below.]  Within
ten days of a demand, made in a record received by the limited partnership, a
limited partner may inspect and copy required information during regular
business hours in the limited partnership's designated office.  The limited
partner need not have any particular purpose for seeking the information.



(a)  [Subsection effective July 1, 2010.  For
subsection effective until June 30, 2010, see above.]  Within ten days of a
demand, made in a record received by the limited partnership, a limited partner
may inspect and copy required information during regular business hours in the
limited partnership's principal office.  The limited partner need not have any
particular purpose for seeking the information.



(b)  During regular business hours and at a
reasonable location specified by the limited partnership, a limited partner may
obtain from the limited partnership and inspect and copy true and full
information regarding the state of the activities and financial condition of
the limited partnership and other information regarding the activities of the
limited partnership as is just and reasonable if:



(1)  The limited partner seeks the information for a
purpose reasonably related to the partner's interest as a limited partner;



(2)  The limited partner makes a demand in a record
received by the limited partnership, describing with reasonable particularity
the information sought and the purpose for seeking the information; and



(3)  The information sought is directly connected to
the limited partner's purpose.



(c)  Within ten days after receiving a demand
pursuant to subsection (b), the limited partnership in a record shall inform
the limited partner who made the demand:



(1)  What information the limited partnership will
provide in response to the demand;



(2)  When and where the limited partnership will
provide the information; and



(3)  If the limited partnership declines to provide
any demanded information, the limited partnership's reasons for declining.



(d)  [Subsection effective until June 30, 2010.  For
subsection effective July 1, 2010, see below.]  Subject to subsection (f),
a person dissociated as a limited partner may inspect and copy required
information during regular business hours in the limited partnership's
designated office if:



(1)  The information pertains to the period during
which the person was a limited partner;



(2)  The person seeks the information in good faith;
and



(3)  The person meets the requirements of subsection
(b).



(d)  [Subsection effective July 1, 2010.  For
subsection effective until June 30, 2010, see above.]  Subject to
subsection (f), a person dissociated as a limited partner may inspect and copy
required information during regular business hours in the limited partnership's
principal office if:



(1)  The information pertains to the period during
which the person was a limited partner;



(2)  The person seeks the information in good faith;
and



(3)  The person meets the requirements of subsection
(b).



(e)  The limited partnership shall respond to a
demand made pursuant to subsection (d) in the same manner as provided in
subsection (c).



(f)  If a limited partner dies, section
425E-704 applies.



(g)  The limited partnership may impose
reasonable restrictions on the use of information obtained under this section. 
In a dispute concerning the reasonableness of a restriction under this
subsection, the limited partnership has the burden of proving reasonableness.



(h)  A limited partnership may charge a person
that makes a demand under this section reasonable costs of copying, limited to
the costs of labor and material.



(i)  Whenever this chapter or a partnership
agreement provides for a limited partner to give or withhold consent to a
matter, before the consent is given or withheld, the limited partnership shall,
without demand, provide the limited partner with all information material to
the limited partner's decision that the limited partnership knows.



(j)  A limited partner or person dissociated as
a limited partner may exercise the rights under this section through an
attorney or other agent.  Any restriction imposed under subsection (g) or by
the partnership agreement applies both to the attorney or other agent and to
the limited partner or person dissociated as a limited partner.



(k)  The rights stated in this section do not
extend to a person as transferee, but may be exercised by the legal
representative of an individual under legal disability who is a limited partner
or person dissociated as a limited partner. [L 2003, c 210, pt of §1; am L
2009, c 55, §46]