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2017 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 4 - Partnerships
Chapter 47 - Uniform Limited Partnership Act (2001)
Subchapter 4 - General Partners
§ 4-47-403. Limited partnership liable for general partner's actionable conduct
Universal Citation:
AR Code § 4-47-403 (2017)
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- (a) A limited partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a general partner acting in the ordinary course of activities of the limited partnership or with authority of the limited partnership.
- (b) If, in the course of the limited partnership's activities or while acting with authority of the limited partnership, a general partner receives or causes the limited partnership to receive money or property of a person not a partner, and the money or property is misapplied by a general partner, the limited partnership is liable for the loss.
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