LD 1609
pg. 18
Page 17 of 146 PUBLIC Law Chapter 543 Page 19 of 146
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LR 1469
Item 1

 
A partner has no right to receive, and may not be required to
accept, a distribution in kind.

 
§1043.__Partner's rights and duties with respect to information

 
1.__Books and records at chief executive office.__A
partnership shall keep its books and records, if any, at its
chief executive office.

 
2.__Access to books and records.__A partnership shall provide
partners and their agents and attorneys access to its books and
records.__It shall provide former partners and their agents and
attorneys access to books and records pertaining to the period
during which they were partners.__The right of access provides
the opportunity to inspect and copy books and records during
ordinary business hours.__A partnership may impose a reasonable
charge, covering the costs of labor and material, for copies of
documents furnished.

 
3.__Furnishing of information.__Each partner and the
partnership shall furnish to a partner, and to the legal
representative of a deceased partner or partner under legal
disability:

 
A.__Without demand, any information concerning the
partnership's business and affairs reasonably required for
the proper exercise of the partner's rights and duties under
the partnership agreement or this chapter; and

 
B.__On demand, any other information concerning the
partnership's business and affairs, except to the extent the
demand or the information demanded is unreasonable or
otherwise improper under the circumstances.

 
§1044.__General standards of partner's conduct

 
1.__Partner's fiduciary duties.__The only fiduciary duties a
partner owes to the partnership and the other partners are the
duty of loyalty and the duty of care set forth in subsections 2
and 3 as those duties may be clarified or limited in the
partnership agreement to the extent and in the manner authorized
by section 1003, subsection 2.

 
2.__Duty of loyalty limited.__A partner's duty of loyalty to
the partnership and the other partners is limited to the
following:

 
A.__To account to the partnership and hold as trustee for it any
property, profit or benefit derived by the partner in


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