§ 10A-9A-1.10 — Partnership Agreement; Effect on Third Parties and Relationship to Writings Effective on Behalf of Limited Partnership

Alabama § 10A-9A-1.10

• Jurisdiction: Alabama
• Title 10A: Alabama Business and Nonprofit Entities Code
• Ch. 9A: Alabama Limited Partnership Law
• Art. 1: General Provisions

Text

(a) If a partnership agreement provides for the manner in which it may be amended, including by requiring the approval of a person who is not a party to the partnership agreement or the satisfaction of conditions, it may be amended only in that manner or as otherwise permitted by law, except that the approval of any person may be waived by that person and any conditions may be waived by all persons for whose benefit those conditions were intended.
(b) A partnership agreement may provide rights to any person, including a person who is not a party to the partnership agreement, to the extent set forth in the partnership agreement.
(c) The obligations of a limited partnership and its partners to a person in the person’s capacity as a transferee or dissociated partner are governed by the partnership agreement. A transferee and a dissociated partner are bound by the partnership agreement.
(d) If a writing that has been delivered by a limited partnership for filing in accordance with Chapter 1 and has become effective conflicts with a provision of the partnership agreement:
(1) The partnership agreement prevails as to partners, dissociated partners, and transferees; and
(2) The writing prevails as to other persons to the extent they reasonably rely on the writing.

Legislative History

(Act 2016-379, §1.)