Arkansas § 4-47-804 Power of general partner and person dissociated as general partner to bind partnership after dissolution

Arkansas Statutes

§ 4-47-804 — Power of general partner and person dissociated as general partner to bind partnership after dissolution

(a)A limited partnership is bound by a general partner's act after dissolution which:

(1)is appropriate for winding up the limited partnership's activities; or (2) would have bound the limited partnership under § 4-47-402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.

(b)A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:

(1)at the time the other party enters into the transaction:

(A)less than two years has passed since the dissociation; and (B) the other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and (2) the act:

(A)is appropriate for winding up the limited partner

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(a) A limited partnership is bound by a general partner's act after dissolution which: (1) is appropriate for winding up the limited partnership's activities; or (2) would have bound the limited partnership under § 4-47-402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution. (b) A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if: (1) at the time the other party enters into the transaction: (A) less than two years has passed since the dissociation; and (B) the other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and (2) the act: (A) is appropriate for winding up the limited partnership's activities; or (B) would have bound the limited partnership under § 4-47-402 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.

Arkansas § 4-47-804 (Power of general partner and person dissociated as general partner to bind partnership after dissolution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.