Oklahoma Statutes
§ 54-1-404 — General Standards of Partner's Conduct.
Oklahoma·Title 54 Partnership
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) of this section.
(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 partnersh
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Legislative History
Added by Laws 1997, c. 399, § 25, eff. Nov. 1, 1997.
Nearby Sections
15
§ 54-1
Repealed§ 54-1-100
Short title.§ 54-1-1002
Name.§ 54-1-101
Definitions.§ 54-1-102
Knowledge and Notice.§ 54-1-104
Supplemental Principles of Law.§ 54-1-106
Governing Law.§ 54-1-1102
Statement Of Foreign Qualification.§ 54-1-1103
Effect Of Failure To Qualify.