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New Jersey Statutes Title 42. Partnerships and Partnership Associations 42 § 1A-25

Current as of February 19, 2021 | Updated by FindLaw Staff

a. A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.

b. A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

(1) enforce the partner's rights under the partnership agreement;

(2) enforce the partner's rights under this act, including:

(a) the partner's rights under section 21, 23 or 24 of this act;  1

(b) the partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to section 34 of this act   2 or enforce any other right under Article 6 or 7 of this act;  3  or

(c) the partner's right to compel a dissolution and winding up of the partnership business under section 39 of this act   4 or enforce any other right under Article 8 of this act;  5  or

(3) enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.

c. The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law.  A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.

1  N.J.S.A. §§ 42:1A-21, 42:1A-23 or 42:1A-24.
2  N.J.S.A. § 42:1A-34.
3  N.J.S.A. §§ 42:1A-31 et seq. or 42:1A-34 et seq.
4  N.J.S.A. § 42:1A-39.
5  N.J.S.A. § 42:1A-39 et seq.
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Cite this article: FindLaw.com - New Jersey Statutes Title 42. Partnerships and Partnership Associations 42 § 1A-25 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-42-partnerships-and-partnership-associations/nj-st-sect-42-1a-25.html

Read this complete New Jersey Statutes Title 42. Partnerships and Partnership Associations 42 § 1A-25 on Westlaw

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