Colorado § 7-60-139 Rights dissolved for fraud

Colorado Statutes

§ 7-60-139 — Rights dissolved for fraud

Colorado·Title 07 Corporations·Art. Uniform Partnership Law

(1)Where a partnership contract is rescinded on the ground of fraud or misrepresentation of one of the parties, the party entitled to rescind is, without prejudice to any other right, entitled:

(a)To a lien on or right of retention of the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money paid by such party for the purchase of an interest in the partnership and for any capital or advances contributed by such party; and

(b)To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by such party in respect of the partnership liabilities, subject to the limitations in section 7-60-115, if the partnership was a limited liability part

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(1) Where a partnership contract is
rescinded on the ground of fraud or misrepresentation of one of the parties, the
party entitled to rescind is, without prejudice to any other right, entitled:

(a) To a lien on or right of retention of the surplus of the partnership property
after satisfying the partnership liabilities to third persons for any sum of money
paid by such party for the purchase of an interest in the partnership and for any
capital or advances contributed by such party; and

(b) To stand, after all liabilities to third persons have been satisfied, in the
place of the creditors of the partnership for any payments made by such party in
respect of the partnership liabilities, subject to the limitations in section 7-60-115, if
the partnership was a limited liability partnership at the time of its dissolution; and

(c) To be indemnified by the person guilty of the fraud or making the
representation against all debts and liabilities of the partnership.

Colorado § 7-60-139 (Rights dissolved for fraud) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 31: p. 669, � 39. CSA: C. 123, � 39. CRS 53: � 104-1-39. C.R.S. 1963: � 104-1-39. L. 95: (1)(b) amended, p. 780, � 8, effective May 24. L. 2004: (1)(a) and (1)(b) amended, p. 1430, � 94, effective July 1.