Current through Acts effective through 7/1/2024 of the 2024 Legislative Session
Section 7-64-405 - Actions by partnership and partners(1) 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.(2) 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: (a) Enforce the partner's rights under the partnership agreement;(b) Enforce the partner's rights under this article, including: (I) The partner's rights under section 7-64-401, 7-64-403, or 7-64-404;(II) The partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to section 7-64-701 or enforce any other right under part 6 or part 7 of this article; or(III) The partner's right to compel a dissolution and winding up of the partnership business under section 7-64-801 or enforce any other right under part 8 of this article; or(c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.(3) 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.L. 97: Entire article added, p. 882, § 1, effective 1/1/1998.