Uniform Limited Partnership Act (2001)

Drafted by the

NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS

and by it

APPROVED AND RECOMMENDED FOR ENACTMENT
IN ALL THE STATES

at its

ANNUAL CONFERENCE
MEETING IN ITS ONE-HUNDRED-AND-TENTH YEAR
WHITE SULPHUR SPRINGS, WEST VIRGINIA
AUGUST 10–17, 2001

WITH PREFATORY NOTE AND COMMENTS

Copyright © 2001
By
NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS

DRAFTING COMMITTEE TO REVISE
UNIFORM LIMITED PARTNERSHIP ACT

• HOWARD J. SWIBEL,
  Suite 1200, 120 S. Riverside Plaza, Chicago, IL 60606, Chair

• ANN CONAWAY ANKER,
  Widener University, School of Law, P.O. Box 7474, Wilmington, DE 19803

• REX BLACKBURN,
  Suite 200, 1101 W. River Street, P.O. Box 959, Boise, ID 83701

• HARRY J. HAYNSWORTH, IV,
  William Mitchell College of Law, 875 Summit Avenue, St. Paul, MN 55105

• HARRIET LANSING,
  Court of Appeals, Judicial Building, 25 Constitution Avenue, St. Paul, MN 55155

• REED L. MARTINEAU,
  P.O. Box 45000, 10 Exchange Place, Salt Lake City, UT 84145

• JAMES C. McKAY,
  Office of Corporation Counsel, 6th Floor South,
  441 4th Street, NW, Washington, DC 20001, Committee on Style Liaison

• THOMAS A. SHIELS,
  P.O. Box 1401, Legislative Council, Legislative Hall, Dover, DE 19901

• DAVID S. WALKER,
  Drake University Law School, Des Moines, IA 50311

• DANIEL S. KLEINBERGER,
  William Mitchell College of Law, 875 Summit Avenue, St. Paul, MN 55105, Reporter

EX OFFICIO

• JOHN L. McCLAUGHERTY, P.O. Box 553, Charleston, WV 25322, President

• TERESA ANN BECK, House Legislative Services Office, P.O. Box 1018, Jackson, MS 39215, Division Chair

AMERICAN BAR ASSOCIATION ADVISORS

• MARTIN I. LUBAROFF, American Bar Association (1997-2000), One Rodney Sq., P.O. Box 551, Wilmington, DE 19899

• ROBERT R. KEATINGE, American Bar Association, 555 17th St., Ste. 3200, Denver, CO 80202-3979

• STEVEN G. FROST, American BarAssociation Section of Taxation, 111 W. Monroe St., Ste. 1500, Chicago, IL 60603-4006

• THOMAS EARL GEU, American Bar Association Section of Real Property, Probate and Trust Law, Probate and Trust Division, University of South Dakota, School of Law, 414 Clark St., Suite 214, Vermillion, SD 57069-2390

• SANFORD J. LIEBSCHUTZ, American Bar Association Section of Real Property, Probate and Trust Law, Real Property Division (1997-2000), 1600 Crossroads Bldg., Rochester, NY 14614

• BARRY NEKRITZ, American Bar Association Section of Real Property, Probate and Trust Law, Real Property Division, 10 S. Wacker Dr., Suite 4000, Chicago, IL 60606-7407

• LAURIS G. L. RALL, American Bar Association Section of Business Law

EXECUTIVE DIRECTOR

• FRED H. MILLER, University of Oklahoma, College of Law, 300 Timberdell Road, Norman, OK 73019, Executive Director

• WILLIAM J. PIERCE, 1505 Roxbury Road, Ann Arbor, MI 48104, Executive Director Emeritus

Copies of this Act may be obtained from:
NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS
211 E. Ontario Street, Suite 1300
Chicago, Illinois 60611
312/915-0195
www.nccusl.org

UNIFORM LIMITED PARTNERSHIP ACT

TABLE OF CONTENTS

Prefatory Note

Article 1. General Provisions

Section 101. Short Title

Section 102. Definitions

Section 103. Knowledge and Notice

Section 104. Nature, Purpose, and Duration of Entity

Section 105. Powers

Section 106. Governing Law

Section 107. Supplemental Principles of Law; Rate of Interest

Section 108. Name

Section 109. Reservation of Name

Section 110. Effect of Partnership Agreement;
Nonwaivable Provisions

Section 111. Required Information

Section 112. Business Transactions of Partner with Partnership

Section 113. Dual Capacity

Section 114. Office and Agent for Service of Process

Section 115. Change of Designated Office or
Agent for Service of Process

Section 116. Resignation of Agent for Service Of Process

Section 117. Service of Process

Section 118. Consent and Proxies of Partners

Article 2. Formation; Certificate of Limited Partnership
and Other Filings

Section 201. Formation of Limited Partnership;
Certificate of Limited Partnership

Section 202. Amendment or Restatement of Certificate

Section 203. Statement of Termination

Section 204. Signing of Records

Section 205. Signing and Filing Pursuant To Judicial Order

Section 206. Delivery to and Filing of Records By
[Secretary of State]; Effective Time and Date

Section 207. Correcting Filed Record

Section 208. Liability for False Information in Filed Record

Section 209. Certificate of Existence or Authorization

Section 210. Annual Report for [Secretary of State]

Article 3. Limited Partners

Section 301. Becoming Limited Partner

Section 302. No Right or Power as Limited Partner
to Limited Partnership

Section 303. No Liability as Limited Partner for
Limited Partnership Obligations

Section 304. Right of Limited Partner and
Former Limited Partner to Information

Section 305. Limited Duties of Limited Partners

Section 306. Person Erroneously Believing
Self to be Limited Partner

Article 4. General Partners

Section 401. Becoming General Partner

Section 402. General Partner Agent of Limited Partnership

Section 403. Limited Partnership Liable for
General Partner’s Actionable Conduct

Section 404. General Partner’s Liability

Section 405. Actions by and Against Partnership and Partners

Section 406. Management Rights of General Partner

Section 407. Right of General Partner and
Former General Partner to Information

Section 408. General Standards of General Partner’s Conduct

Article 5. Contributions and Distributions

Section 501. Form of Contribution

Section 502. Liability for Contribution

Section 503. Sharing of Distributions

Section 504. Interim Distributions

Section 505. No Distribution on Account of Dissociation

Section 506. Distribution in Kind

Section 507. Right to Distribution

Section 508. Limitations on Distribution

Section 509. Liability for Improper Distributions

Article 6. Dissociation

Section 601. Dissociation as Limited Partner

Section 602. Effect of Dissociation as Limited Partner

Section 603. Dissociation as General Partner

Section 604. Person’s Power to Dissociate as
General Partner; Wrongful Dissociation

Section 605. Effect of Dissociation as General Partner

Section 606. Power to Bind and Liability to Limited Partnership Before Dissolution of Partnership of Person Dissociated
as General Partner

Section 607. Liability to Other Persons
of Person Dissociated as General Partner

Article 7. Transferable Interests and
Rights of Transferees and Creditors

Section 701. Partner’s Transferable Interest

Section 702. Transfer of Partner’s Transferable Interest

Section 703. Rights of Creditor of Partner or Transferee

Section 704. Power of Estate of Deceased Partner

Article 8. Dissolution

Section 801. Nonjudicial Dissolution

Section 802. Judicial Dissolution

Section 803. Winding Up

Section 804. Power of General Partner and Person Dissociated as General Partner to Bind Partnership After Dissolution

Section 805. Liability After Dissolution of General Partner and Person Dissociated as General Partner to Limited Partnership, Other General Partners, and Persons Dissociated as General Partner

Section 806. Known Claims Against Dissolved Limited Partnership

Section 807. Other Claims Against Dissolved Limited Partnership

Section 808. Liability of General Partner and Person Dissociated as General Partner when Claim Against Limited Partnership Barred

Section 809. Administrative Dissolution

Section 810. Reinstatement Following Administrative Dissolution

Section 811. Appeal From Denial of Reinstatement

Section 812. Disposition of Assets; When Contributions Required

Article 9. Foreign Limited Partnerships

Section 901. Governing Law

Section 902. Application for Certificate of Authority

Section 903. Activities Not Constituting Transacting Business

Section 904. Filing of Certificate of Authority

Section 905. Noncomplying Name of Foreign Limited Partnership

Section 906. Revocation of Certificate of Authority

Section 907. Cancellation of Certificate of Authority;
Effect of Failure to Have Certificate

Section 908. Action by [Attorney General]

Article 10. Actions by Partners

Section 1001. Direct Action by Partner

Section 1002. Derivative Action

Section 1003. Proper Plaintiff

Section 1004. Pleading

Section 1005. Proceeds and Expenses

Article 11. Conversion and Merger

Section 1101. Definitions

Section 1102. Conversion

Section 1103. Action on Plan of Conversion
by Converting Limited Partnership

Section 1104. Filings Required for Conversion; Effective Date

Section 1105. Effect of Conversion

Section 1106. Merger

Section 1107. Action on Plan of Merger
by Constituent Limited Partnership

Section 1108. Filings Required for Merger; Effective Date

Section 1109. Effect of Merger

Section 1110. Restrictions on Approval of Conversions and Mergers and on Relinquishing LLLP Status

Section 1111. Liability of General Partner
After Conversion or Merger

Section 1112. Power of General Partners and
Persons Dissociated as General Partners
to Bind Organization After Conversion or Merger

Section 1113. Article Not Exclusive

Article 12. Miscellaneous Provisions

Section 1201. Uniformity of Application and Construction

Section 1202. Severability Clause

Section 1203. Relation to Electronic Signatures
in Global and National Commerce Act

Section 1204. Effective Date

Section 1205. Repeals

Section 1206. Application to Existing Relationships

Section 1207. Savings Clause