Nevada § 87A.505 Power of general partner and person withdrawn as general partner to bind partnership after dissolution

Nevada Statutes

§ 87A.505 — Power of general partner and person withdrawn as general partner to bind partnership after dissolution

Nevada·Title 7 BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES·Ch. 87A Uniform· DISSOLUTION

1. A limited partnership is bound by a general partner’s act after dissolution which:

(a)Is appropriate for winding up the limited partnership’s activities; or

(b)Would have bound the limited partnership under NRS 87A.355 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution. 2. A person withdrawn as a general partner binds a limited partnership through an act occurring after dissolution if:

(a)At the time the other party enters into the transaction:

(1)Less than 2 years has passed since the withdrawal; and

(2)The other party does not have notice of the withdrawal and reasonably believes that the person is a general partner; and

(b)The act:

(1)Is appropriate for winding up the limited partnership’s ac

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1. A limited partnership is bound by a general partner’s act after dissolution which:
(a) Is appropriate for winding up the limited partnership’s activities; or
(b) Would have bound the limited partnership under NRS 87A.355 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.
2. A person withdrawn as a general partner binds a limited partnership through an act occurring after dissolution if:
(a) At the time the other party enters into the transaction:
(1) Less than 2 years has passed since the withdrawal; and
(2) The other party does not have notice of the withdrawal and reasonably believes that the person is a general partner; and
(b) The act:
(1) Is appropriate for winding up the limited partnership’s activities; or
(2) Would have bound the limited partnership under NRS 87A.355 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.

Nevada § 87A.505 (Power of general partner and person withdrawn as general partner to bind partnership after dissolution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.