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362.455 Liability for contribution.
(1)
(2)
(3)
A promise by a limited partner to contribute to the limited partnership shall not
be enforceable unless it is set out in a writing signed by or on behalf of,
pursuant to a power of attorney which need not be of record, the limited
partner.
Except as provided in the partnership agreement, a partner shall be 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 his death or disability or any other reason. If a partner does not
make the required contribution of property or services, he shall be 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
KRS 362.409, of the stated contribution that has not been made.
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 section 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 upon that
obligation after the partner has signed a writing which reflects the obligation,
and before the amendment or cancellation of the writing to reflect the
compromise, may enforce the original obligation.
Effective:June 26, 2007
History: Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239,
which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137,
sec. 180, effective June 26, 2007. -- Repealed 2006 Ky. Acts ch. 149, sec. 239,
effective January 1, 2008. -- Created 1988 Ky. Acts ch. 284, sec. 28, effective
July 15, 1988.
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