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Current as of January 01, 2024 | Updated by Findlaw Staff
1. A limited partnership is bound by an act of a general partner after dissolution which:
a. Is appropriate for winding up the activities of a limited partnership; or
b. Would have bound the limited partnership under section 45-10.2-38 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.
2. A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:
a. At the time the other party enters into the transaction:
(1) Less than two years have passed since the dissociation; and
(2) The other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and
b. The act:
(1) Is appropriate for winding up the activities of the limited partnership; or
(2) Would have bound the limited partnership under section 45-10.2-38 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.
Cite this article: FindLaw.com - North Dakota Century Code Title 45. Partnerships § 45-10.2-70. Power of general partner and person dissociated as general partner to bind partnership after dissolution - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-45-partnerships/nd-cent-code-sect-45-10-2-70/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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