Current through 2024 Legislative Session
Section 45-10.2-70 - (804) Power of general partner and person dissociated as general partner to bind partnership after dissolution1. A limited partnership is bound by an act of a general partner after dissolution which: a. Is appropriate for winding up the activities of a limited partnership; orb. Would have bound the limited partnership under section 45-10.2-38 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.2. A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if: a. At the time the other party enters into the transaction:(1) Less than two years have passed since the dissociation; and(2) The other party does not have notice of the dissociation and reasonably believes that the person is a general partner; andb. The act: (1) Is appropriate for winding up the activities of the limited partnership; or(2) Would have bound the limited partnership under section 45-10.2-38 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.