2011 Iowa Code
TITLE XII BUSINESS ENTITIES
SUBTITLE 1 PARTNERSHIPS
CHAPTER 488 UNIFORM LIMITED PARTNERSHIP ACT
488.403 Limited partnership liable for general partner’s actionable conduct.
488.403 Limited partnership liable for general partner s actionable conduct.
1. 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.
2. 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.
2004 Acts, ch 1021, §37, 118
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