§1104.__Applicability

1.__Application before July 1, 2007.__Before July 1, 2007, this chapter governs only a partnership formed:

A.__After July 1, 2007, except a partnership that is continuing the business of a dissolved partnership under former Title 31, section 318; and

B.__Before July 1, 2007 that elects, as provided by subsection 3, to be governed by this chapter.

2.__Application on and after July 1, 2007.__On and after July 1, 2007, this chapter governs all partnerships.

3.__Election before July 1, 2007.__Before July 1, 2007, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter.__The provisions of this chapter relating to the liability of the partnership's partners to 3rd parties apply to limit those partners' liability to a 3rd party who had done business with the partnership within one year before the partnership's election to be governed by this chapter only if the 3rd party knows or has received a notification of the partnership's election to be governed by this chapter.__A partnership may elect to be governed by this chapter by filing a statement of election stating the name of the partnership and that the partnership has made the election pursuant to this section.

§1105.__Rules of construction

1.__Savings clause.__This chapter does not affect an action or proceeding commenced or right accrued before this chapter takes effect.

2.__Freedom to contract.__It is the policy of the chapter to give maximum effect to the freedom of contract and to the enforceability of partnership agreements.

3.__Law and equity.__Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.

4.__Statutes in derogation of common law.__Rules that statutes in derogation of the common law are to be strictly construed do not apply to this chapter.