New Mexico § 54-1A-1205 Applicability

New Mexico Statutes

§ 54-1A-1205 — Applicability

New Mexico § 54-1A-1205

Ch. 54Partnerships

Art. 12Miscellaneous Provisions.

This text of New Mexico § 54-1A-1205 (Applicability) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 54-1A-1205 (2026).

Text

(a)The Uniform Partnership Act (1994) [54-1A-101 to 54-1A-1206 NMSA 1978] governs only a partnership formed under the laws of this state:

(1)after the effective date of that act, unless that partnership is continuing the business of a dissolved partnership under Section 54-1-41 NMSA 1978, a part of the prior Uniform Partnership Act; and (2) before the effective date of that act, that elects, as provided by Subsection (b) of this section, to be governed by that act.

(b)A partnership formed under the laws of this state before the effective date of the Uniform Partnership Act voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by the Uniform Partnership Act (1994). Except as otherwise provided in Sectio

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(a) The Uniform Partnership Act (1994) [54-1A-101 to 54-1A-1206 NMSA 1978] governs only a partnership formed under the laws of this state: (1) after the effective date of that act, unless that partnership is continuing the business of a dissolved partnership under Section 54-1-41 NMSA 1978, a part of the prior Uniform Partnership Act; and (2) before the effective date of that act, that elects, as provided by Subsection (b) of this section, to be governed by that act. (b) A partnership formed under the laws of this state before the effective date of the Uniform Partnership Act voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by the Uniform Partnership Act (1994). Except as otherwise provided in Section 54-1A-306 NMSA 1978, the provisions of that act relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year preceding the partnership's election to be governed by that act, only if the third party knows or has received a notification of the partnership's election to be governed by that act. (c) Until a partnership formed under the laws of this state before the effective date of the Uniform Partnership Act (1994) elects voluntarily to be governed by that act, the partnership shall continue to be governed by the provisions of the prior Uniform Partnership Act. (d) Subsections (a) and (b) of this section shall not relieve a partnership formed under the laws of this state that elects to be governed by the Uniform Partnership Act (1994) from filing any statement of qualification required by Section 54-1A-1001 NMSA 1978. (e) The Uniform Partnership Act (1994) governs any partnership formed at any time under laws other than the laws of this state which shall file any statement of foreign qualification required by Section 54-1A-1102 [NMSA 1978].