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KRS 362.1-405

Actions by partnership and partners

Known as the Kentucky Revised Uniform Partnership Act

The act spans §§ 362.1-1001 to 362.1-975 (90 sections).

Effective: July 12, 2006 History: Created 2006 Ky

(1) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership causing harm to the partnership.

(2) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

(a) Enforce the partner's rights under the partnership agreement;

(b) Enforce the partner's rights under this subchapter, including:

1. The partner's rights under KRS 362.1-401, 362.1-403, or 362.1-404;

2. The partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to KRS 362.1-701 or enforce any other right under KRS 362.1-601 to 362.1-705; or 3. The partner's right to compel a dissolution and winding up of the partnership business under or enforce any other right under KRS 362.1- 801 to 362.1-807; or (c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.

(3) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by KRS Chapter 413. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.