An obligation of a limited partnership, whether arising in contract, tort or otherwise is not the obligation of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for an obligation of the limited partnership solely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.
§ 54-2A-303 NMSA 1978
No liability as limited partner for limited partnership obligations
Known as the Uniform Revised Limited Partnership Act
The act spans §§ 54–54 (104 sections).
Laws 2007, ch. 129, § 303.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.