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NRS 87A.365

Liability of general partner

Known as the Uniform Limited Partnership Act

The act spans §§ 87–87 (147 sections).

Applied in 1 court decision — leading case Stewart Title Guaranty Co. v. Roberts-Dude (In re Roberts-Dude) (2012)

Most recently applied in Stewart Title Guaranty Co. v. Roberts-Dude (In re Roberts-Dude) (December 2012)

(Added to NRS by 2007, 457)

1. Except as otherwise provided in subsections 2 and 3, all general partners are liable jointly and severally for all obligations of the limited partnership unless otherwise agreed by the claimant or provided by law.

2. A person that becomes a general partner of an existing limited partnership is not personally liable for an obligation of a limited partnership incurred before the person became a general partner.

3. An obligation of a limited partnership incurred while the limited partnership is a registered limited-liability limited partnership, whether arising in contract, tort or otherwise, is solely the obligation of the limited partnership. A general partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or acting as a general partner. This subsection applies despite anything inconsistent in the partnership agreement that existed immediately before the consent required to become a registered limited-liability limited partnership under paragraph (b) of subsection 2 of NRS 87A.375.

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