New Mexico Statutes
§ 54-1A-404 — General standards of partner's conduct
(a)The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in Subsections (b) and (c).
(b)A partner's duty of loyalty to the partnership and the other partners is limited to the following:
(1)to account to the partnership and hold as trustee for it any property, profit or benefit derived by the partner in the conduct and winding up of the partnership business or derived from a use by the partner of partnership property, including the appropriation of a partnership opportunity;
(2)to refrain from dealing with the partnership in the conduct or winding up of the partnership business as or on behalf of a party having an interest adverse to the partnership; and (3) to refrain from competing with the partnershi
Free access — add to your briefcase to read the full text and ask questions with AI
New Mexico § 54-1A-404 (General standards of partner's conduct) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Laws 1996, ch. 53, § 404.
Nearby Sections
15
§ 54-1-48
Repealed§ 54-1A-1001
Statement of qualification§ 54-1A-1002
Statement of qualification; name§ 54-1A-1003
Annual report§ 54-1A-101
Definitions§ 54-1A-102
Knowledge and notice§ 54-1A-103
Effect of partnership agreement; nonwaivable§ 54-1A-104
Supplemental principles of law§ 54-1A-106
Governing law§ 54-1A-1102
Statement of foreign qualification§ 54-1A-1103
Effect of failure to qualify