§ 321.0402 — General Partner Agent of Limited Partnership
Plain-Language Summary
Each general partner acts as an agent of the partnership and can bind it in ordinary business.
321.0402 GENERAL PARTNER AGENT OF LIMITED PARTNERSHIP.
(a) Each general partner is an agent of the limited partnership for the purposes of its activities. An act of a general partner, including the signing of a record in the partnership’s name, for apparently carrying on in the ordinary course the limited partnership’s activities or activities of the kind carried on by the limited partnership binds the limited partnership, unless the general partner did not have authority to act for the limited partnership in the particular matter and the person with which the general partner was dealing knew, had received a notification, or had notice under section 321.0103(d) that the general partner lacked authority.
(b) An act of a general partner which is not apparently for carrying on in the ordinary course the limited partnership’s activities or activities of the kind carried on by the limited partnership binds the limited partnership only if the act was actually authorized by all the other partners.
History:
History: History:
2004 c 199 art 4 s 35