LD 1609
pg. 5
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LR 1469
Item 1

 
(1)__The partnership agreement may identify specific
types or categories of activities that do not violate
the duty of loyalty if not manifestly unreasonable; or

 
(2)__All of the partners or a number or percentage
specified in the partnership agreement may authorize or
ratify, after full disclosure of all material facts, a
specific act or transaction that otherwise would
violate the duty of loyalty;

 
D.__Unreasonably reduce the duty of care under section 1044,
subsection 3 or section 1063, subsection 2, paragraph C;

 
E.__Eliminate the obligation of good faith and fair dealing
under section 1044, subsection 4, but the partnership
agreement may prescribe the standards by which the
performance of the obligation is to be measured if the
standards are not manifestly unreasonable;

 
F.__Vary the power to dissociate as a partner under section
1062, subsection 1, except to require the notice under
section 1061, subsection 1 to be in writing;

 
G.__Vary the right of a court to expel a partner in the
events specified in section 1061, subsection 5;

 
H.__Vary the requirement to wind up the partnership business
in cases specified in section 1081, subsection 4, 5 or 6;

 
I.__Vary the law applicable to a limited liability
partnership under section 1006, subsection 2; or

 
J.__Restrict rights of 3rd parties under this chapter.

 
§1004.__Supplemental principles of law

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

 
2.__Interest rate.__If an obligation to pay interest arises
under this chapter and the rate is not specified, the rate is
that specified in Title 14, section 1602-B.

 
§1005.__Execution, filing and recording of statements

 
1.__Filing with Secretary of State.__To be effective under
this chapter, a statement must be filed in the office of the
Secretary of State.__A certified copy of a statement that is
filed in an office in another state may be filed in the office of


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