New Mexico § 54-1A-405 Actions by partnership and partners

New Mexico Statutes

§ 54-1A-405 — Actions by partnership and partners

New Mexico § 54-1A-405

Ch. 54Partnerships

Art. 4Relations of Partners to Each Other and to

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Bluebook

N.M. Stat. Ann. § 54-1A-405 (2026).

Text

(a)A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.

(b)A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

(1)enforce the partner's rights under the partnership agreement;

(2)enforce the partner's rights under the Uniform Partnership Act (1994) [54- 1A-101 to 54-1A-1206 NMSA 1978], including:

(i)the partner's rights under Section 401 [54-1A-401 NMSA 1978], 403 [54- 1A-403 NMSA 1978] or 404 [54-1A-404 NMSA 1978];

(ii)the partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to Section 701 [54-

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(a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership. (b) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to: (1) enforce the partner's rights under the partnership agreement; (2) enforce the partner's rights under the Uniform Partnership Act (1994) [54- 1A-101 to 54-1A-1206 NMSA 1978], including: (i) the partner's rights under Section 401 [54-1A-401 NMSA 1978], 403 [54- 1A-403 NMSA 1978] or 404 [54-1A-404 NMSA 1978]; (ii) the partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to Section 701 [54-1A-701 NMSA 1978] or enforce any other right under Article 6 or 7; or (iii) the partner's right to compel a dissolution and winding up of the partnership business under Section 801 [54-1A-801 NMSA 1978] or enforce any other right under Article 8; or (3) enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship. (c) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.