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North Dakota Century Code Title 45. Partnerships § 45-10.2-41. Actions by and against partnership and partners

Current as of January 01, 2024 | Updated by Findlaw Staff

1. To the extent not inconsistent with section 45-10.2-40, a general partner may be joined in an action against the limited partnership or named in a separate action.

2. A judgment against a limited partnership is not by itself a judgment against a general partner. A judgment against a limited partnership may not be satisfied from assets of a general partner unless there is also a judgment against the general partner.

3. A judgment creditor of a general partner may not levy execution against the assets of the general partner to satisfy a judgment based on a claim against the limited partnership, unless the partner is personally liable for the claim under section 45-10.2-40, and:

a. A judgment based on the same claim has been obtained against the limited partnership and a writ of execution on the judgment has been returned unsatisfied in whole or in part;

b. The limited partnership is a debtor in bankruptcy;

c. The general partner has agreed that the creditor need not exhaust limited partnership assets;

d. A court grants permission to the judgment creditor to levy execution against the assets of a general partner based on a finding:

(1) That limited partnership assets subject to execution are clearly insufficient to satisfy the judgment;

(2) That exhaustion of limited partnership assets is excessively burdensome; or

(3) That the grant of permission is an appropriate exercise of equitable powers of the court; or

e. Liability is imposed on the general partner by law or contract independent of the existence of the limited partnership.

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Cite this article: FindLaw.com - North Dakota Century Code Title 45. Partnerships § 45-10.2-41. Actions by and against partnership and partners - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-45-partnerships/nd-cent-code-sect-45-10-2-41/

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