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2021 Kentucky Revised Statutes
Chapter 362 - Partnerships
Subchapter 362.2 - Kentucky Uniform Limited Partnership Act (2006)
362.2-405 Actions by and against partnership and partners.

Universal Citation: KY Rev Stat § 362.2-405 (2021)
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362.2-405 Actions by and against partnership and partners. (1) (2) (3) To the extent not inconsistent with KRS 362.2-404, any of the general partners may be joined in an action against the limited partnership or named in separate actions. A judgment against a limited partnership is not by itself a judgment against a general partner. A judgment against a limited partnership may not be satisfied from a general partner's assets unless there is also a judgment against the general partner. 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 362.2404 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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