2018 New Mexico Statutes
Chapter 54 - Partnerships
Article 2A - Uniform Revised Limited Partnership Act
Section 54-2A-804 - Power of general partner and person dissociated as general partner to bind partnership after dissolution.
A. A limited partnership is bound by a general partner's act after dissolution that:
(1) is appropriate for winding up the limited partnership's activities; or
(2) would have bound the limited partnership pursuant to Section 402 [54-2A-402 NMSA 1978] of the Uniform Revised Limited Partnership Act before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.
B. A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:
(1) at the time the other party enters into the transaction:
(a) less than two years has passed since the dissociation; and
(b) the other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and
(2) the act:
(a) is appropriate for winding up the limited partnership's activities; or
(b) would have bound the limited partnership pursuant to Section 402 of the Uniform Revised Limited Partnership Act before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.
History: Laws 2007, ch. 129, § 804.
Effective dates. — Laws 2007, ch. 129, § 1208 made the section effective January 1, 2008.
