§ 17-14-602 — Liability for contribution

Wyoming § 17-14-602

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 14: LIMITED PARTNERSHIPS
• Art. 6: FINANCE

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(a) A promise by a limited partner to contribute to the
limited partnership is not enforceable unless set out in a
writing signed by the limited partner.
(b) Except as provided in the partnership agreement, a
partner is obligated to the limited partnership to perform any
enforceable promise to contribute cash or property or to perform
services, even if he is unable to perform because of death,
disability or any other reason. If a partner does not make the
required contribution of property or services, he is obligated
at the option of the limited partnership to contribute cash
equal to that portion of the value (as stated in the partnership
records required to be kept pursuant to W.S. 17-14-206) of the
stated contribution that has not been made.
(c) Unless otherwise provided in the partnership
agreement, the obligation of a partner to make a contribution or
return money or other property paid or distributed in violation
of this act may be compromised only by consent of all the
partners. Notwithstanding the compromise, a creditor of a
limited partnership who extends credit, or otherwise acts in
reliance on that obligation after the partner signs a writing
which reflects the obligation, and before the amendment or
cancellation thereof to reflect the compromise, may enforce the
original obligation.