2006 Nebraska Revised Statutes - § 67-321 — Partner accountable as fiduciary.
Section 67-321Partner accountable as fiduciary.
(1) Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him of its property.
(2) This section applies also to the representatives of a deceased partner engaged in the liquidation of the affairs of the partnership as the personal representatives of the last surviving partner.
Source:
- Laws 1943, c. 143, § 21, p. 493
Termination date January 1, 2001
- Managing partner is required to account to the partnership for any profits derived from carrying on partnership business. Essay v. Essay, 175 Neb. 689, 123 N.W.2d 20 (1963).
Each partner is accountable as a fiduciary. Bode v. Prettyman, 149 Neb. 179, 30 N.W.2d 627 (1948).
Shareholders in a close corporation owe one another the same fiduciary duty as that owed by one partner to another in a partnership. I.P. Homeowners, Inc. v. Radtke, 5 Neb. App. 271, 558 N.W.2d 582 (1997).
~Reissue Revised Statutes of Nebraska
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