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Ark. Code Ann. § 4-47-804

Power of general partner and person dissociated as general partner to bind partnership after dissolution

Known as the Uniform Limited Partnership Act

The act spans §§ 4–4 (110 sections).

Acts 2007, No. 15, § 1.

(1) A limited partnership is bound by a general partner's act after dissolution which: is appropriate for winding up the limited partnership's activities; or

(2) would have bound the limited partnership under § 4-47-402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.

(3) A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if: at the time the other party enters into the transaction: less than two years has passed since the dissociation; and

(4) the other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and

(5) the act: is appropriate for winding up the limited partnership's activities; or

(6) would have bound the limited partnership under § 4-47-402 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.

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.