Ark. Code Ann. § 4-47-305

Limited duties of limited partners

Known as the Uniform Limited Partnership Act

The act spans §§ 4–4 (110 sections).

Applied in 1 court decision — leading case Squire Court Partners Ltd. v. Centerline Credit Enhanced Partners LP (In re Squire Court Partners Ltd.) (2017)

Most recently applied in Squire Court Partners Ltd. v. Centerline Credit Enhanced Partners LP (In re Squire Court Partners Ltd.) (July 2017)

Acts 2007, No. 15, § 1.

(1) A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner.

(2) A limited partner shall discharge the duties to the partnership and the other partners under this chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.

(3) A limited partner does not violate a duty or obligation under this chapter or under the partnership agreement merely because the limited partner's conduct furthers the limited partner's own interest.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.