§425E-402 - General partner is an agent of the limited partnership.
[§425E-402] General partner is an
agent of the limited partnership. (a) Each general partner shall
be an agent of the limited partnership for the purposes of its activities. An
act of a general partner, including the signing of a record in the partnership's
name, for apparently carrying on in the ordinary course the limited
partnership's activities or activities of the kind carried on by the limited
partnership binds the limited partnership, unless the general partner did not
have authority to act for the limited partnership in the particular matter and
the person with which the general partner was dealing knew, had received a
notification, or had notice under section 425E-103(d) that the general partner
lacked authority.
(b) An act of a general partner which is not
apparently for carrying on in the ordinary course the limited partnership's
activities or activities of the kind carried on by the limited partnership
binds the limited partnership only if the act was actually authorized by all
the other partners. [L 2003, c 210, pt of §1]