KRS 362.2-305

Limited duties of limited partners

Known as the Kentucky Uniform Limited Partnership Act

The act spans §§ 362–362 (140 sections).

Applied in 1 court decision — leading case Alliant Tax Credit Fund 31-A, Ltd. v. Nicholasville Community Housing, LLC (2009)

Most recently applied in Alliant Tax Credit Fund 31-A, Ltd. v. Nicholasville Community Housing, LLC (September 2009)

Effective: July 12, 2006 History: Created 2006 Ky

(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 subchapter 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 subchapter or under the partnership agreement merely because the limited partner's conduct furthers the limited partner's own interest.

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