New Mexico Statutes
§ 54-2A-305 — Limited duties of limited partners
A.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.
B.A limited partner shall discharge the duties to the partnership and the other partners pursuant to the Uniform Revised Limited Partnership Act or pursuant to the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
C.A limited partner does not violate a duty or obligation pursuant to the Uniform Revised Limited Partnership Act or pursuant to the partnership agreement merely because the limited partner's conduct furthers the limited partner's own interest.
Free access — add to your briefcase to read the full text and ask questions with AI
New Mexico § 54-2A-305 (Limited duties of limited partners) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Laws 2007, ch. 129, § 305.
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Repealed§ 54-1A-1001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