There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subchapter 2 Kentucky Uniform Limited Partnership Act (2006)
362.2.405 Actions by and against partnership and partners.
Download pdfa general partner's assets unless there is also a judgment against the general partner. (3) A judgment creditor of a general partner may not levy execution against the assets of the general partner to satisfy a judgment based on a claim against the limited
partnership, unless the partner is personally liable for the claim under KRS 362.2-
404 and:
(a) A judgment based on the same claim has been obtained against the limited partnership and a writ of execution on the judgment has been returned
unsatisfied in whole or in part; (b) The limited partnership is a debtor in bankruptcy;
(c) The general partner has agreed that the creditor need not exhaust limited partnership assets; (d) A court grants permission to the judgment creditor to levy execution against the assets of a general partner based on a finding that limited partnership
assets subject to execution are clearly insufficient to satisfy the judgment, that
exhaustion of limited partnership assets is excessively burdensome, or that the
grant of permission is an appropriate exercise of the court's equitable powers;
or (e) Liability is imposed on the general partner by law or contract independent of the existence of the limited partnership. Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 125, effective July 12, 2006.
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