Maine § 31 §1345 Limited duties of limited partners

Maine Statutes

§ 31 §1345 — Limited duties of limited partners

Maine § 31 §1345

Title 31PARTNERSHIPS AND ASSOCIATIONS

Ch. 19UNIFORM LIMITED PARTNERSHIP ACT

This text of Maine § 31 §1345 (Limited duties of limited partners) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 31, § 31 §1345 (2026).

Text

1.No fiduciary duty. A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner.

2.Good faith and fair dealing. A limited partner shall discharge the duties to the partnership and the other partners under this chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.

3.Limited partner's own interest. A limited partner does not violate a duty or obligation under this chapter or under the partnership agreement merely because the limited partner's conduct furthers the limited partner's own interest.

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1.
No fiduciary duty.
A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner.
2.
Good faith and fair dealing.
A limited partner shall discharge the duties to the partnership and the other partners under this chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
3.
Limited partner's own interest.
A limited partner does not violate a duty or obligation under this chapter or under the partnership agreement merely because the limited partner's conduct furthers the limited partner's own interest.