31 §1421. Direct action by partner
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 19: UNIFORM LIMITED PARTNERSHIP ACT HEADING: PL 2005, C. 543, PT. C, §2 (NEW)
Subchapter 10: ACTIONS BY PARTNERS HEADING: PL 2005, C. 543, PT. C, §2 (NEW)
§1421. Direct action by partner
1. Action against limited partnership or partner. Subject to subsection 2, a partner may maintain a direct action against the limited partnership or another partner for legal or equitable relief, with or without an accounting as to the partnership's activities, to enforce the rights and otherwise protect the interests of the partner, including rights and interests under the partnership agreement or this chapter or arising independently of the partnership relationship.
[ 2005, c. 543, Pt. C, §2 (NEW) .]
2. Plead and prove actual or threatened injury. A partner commencing a direct action under this section is required to plead and prove an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the limited partnership.
[ 2005, c. 543, Pt. C, §2 (NEW) .]
3. Accrual of right of action; time limitation. The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.
[ 2005, c. 543, Pt. C, §2 (NEW) .]
SECTION HISTORY
2005, c. 543, §C2 (NEW).