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| 2.__Duty of loyalty.__A general partner's duty of loyalty to the | | limited partnership and the other partners is limited to the | | following: |
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| | | A.__To account to the limited partnership and hold as | | trustee for it any property, profit or benefit derived by | | the general partner in the conduct and winding up of the | | limited partnership's activities or derived from a use by | | the general partner of limited partnership property, | | including the appropriation of a limited partnership | | opportunity; |
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| | | B.__To refrain from dealing with the limited partnership in | | the conduct or winding up of the limited partnership's | | activities as or on behalf of a party having an interest | | adverse to the limited partnership; and |
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| | | C.__To refrain from competing with the limited partnership | | in the conduct or winding up of the limited partnership's | | activities. |
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| | | 3.__Duty of care.__A general partner's duty of care to the | | limited partnership and the other partners in the conduct and | | winding up of the limited partnership's activities is limited to | | refraining from engaging in grossly negligent or reckless | | conduct, intentional misconduct or a knowing violation of law. |
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| | | 4.__Good faith and fair dealing.__A general partner shall | | discharge the duties to the partnership and the other partners | | under this chapter or under the partnership agreement and | | exercise any rights consistently with the obligation of good | | faith and fair dealing. |
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| | | 5.__General partner's own interest.__A general partner does | | not violate a duty or obligation under this chapter or under the | | partnership agreement merely because the general partner's | | conduct furthers the general partner's own interest. |
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| | | CONTRIBUTIONS AND DISTRIBUTIONS |
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| | | §1361.__Form of contribution |
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| | | A contribution of a partner may consist of tangible or | | intangible property or other benefit to the limited partnership, | | including money, services performed, promissory notes, other | | agreements to contribute cash or property and contracts for | | services to be performed. |
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