Section 10-107 - Business transactions of partner with partnership.
§ 10-107. Business transactions of partner with partnership.
(a) Lending money and transacting other business.- Except as provided in the partnership agreement, a partner may lend money to and transact other business with the limited partnership and subject to other applicable law has the same rights and obligations with respect thereto as a person who is not a partner.
(b) Power to indemnify.- Except in the case of action or failure to act by a partner which constitutes willful misconduct or recklessness, and subject to the standards and restrictions, if any, set forth in its partnership agreement, a limited partnership has the power to indemnify and hold harmless any partner, employee, or agent of the limited partnership from and against any and all claims and demands whatsoever.
[1981, ch. 801, § 2; 1988, ch. 550.]