Montana Statutes
§ 35-12-707 — Limited Duties Of Limited Partners
Montana·Title 35 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS·Ch. 12 LIMITED PARTNERSHIPS·Part 7 Limited Partners
35-12-707 . Limited duties of limited partners.
(1)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)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)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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Legislative History
En. Sec. 31, Ch. 216, L. 2011.
Nearby Sections
15
§ 35-12-1001
Interim Distributions§ 35-12-1002
Repealed§ 35-12-1003
Repealed§ 35-12-1004
Repealed§ 35-12-1005
Distributions In Kind§ 35-12-1006
Right To Distributions§ 35-12-1007
Repealed§ 35-12-1008
Repealed§ 35-12-1009
No Distribution On Account Of Dissociation§ 35-12-101
Repealed§ 35-12-1010
Limitations On Distribution§ 35-12-1011
Liability For Improper Distributions§ 35-12-1012
Through 35-12-1015 Reserved§ 35-12-1016
Dissociation As Limited Partner§ 35-12-1017
Effect Of Dissociation As Limited Partner