§ 8-401. Fraudulent conversion of partnership assets.
(a) Prohibited.- A partner may not with fraudulent intent:
(1) convert or appropriate to the partner's own use partnership money or property;
(2) make, or cause to be made, a false entry in partnership records of a partnership transaction; or
(3) fail to make or cause to be made an entry in partnership records to show the true state of a transaction:
(i) relating to partnership business; or
(ii) involving the use of partnership money or property.
(b) Penalty.- A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 10 years or a fine not exceeding $5,000 or both.
(c) Statute of limitations and in banc review.- A person who violates this section is subject to § 5-106(b) of the Courts Article.
§ 8-401. Fraudulent conversion of partnership assets.
(a) Prohibited.- A partner may not with fraudulent intent:
(1) convert or appropriate to the partner's own use partnership money or property;
(2) make, or cause to be made, a false entry in partnership records of a partnership transaction; or
(3) fail to make or cause to be made an entry in partnership records to show the true state of a transaction:
(i) relating to partnership business; or
(ii) involving the use of partnership money or property.
(b) Penalty.- A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 10 years or a fine not exceeding $5,000 or both.
(c) Statute of limitations and in banc review.- A person who violates this section is subject to § 5-106(b) of the Courts Article.
§ 8-401. Fraudulent conversion of partnership assets.
(a) Prohibited.- A partner may not with fraudulent intent:
(1) convert or appropriate to the partner's own use partnership money or property;
(2) make, or cause to be made, a false entry in partnership records of a partnership transaction; or
(3) fail to make or cause to be made an entry in partnership records to show the true state of a transaction:
(i) relating to partnership business; or
(ii) involving the use of partnership money or property.
(b) Penalty.- A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 10 years or a fine not exceeding $5,000 or both.
(c) Statute of limitations and in banc review.- A person who violates this section is subject to § 5-106(b) of the Courts Article.
