LD 1609
pg. 87
Page 86 of 146 PUBLIC Law Chapter 543 Page 88 of 146
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LR 1469
Item 1

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

 
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;

 
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

 
C.__To refrain from competing with the limited partnership
in the conduct or winding up of the limited partnership's
activities.

 
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.

 
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.

 
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.

 
SUBCHAPTER 5

 
CONTRIBUTIONS AND DISTRIBUTIONS

 
§1361.__Form of contribution

 
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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