Section 362.2-606 - Power to bind and liability to partnership before dissolution of person dissociated as general partner(1) After a person is dissociated as a general partner and before the limited partnership is dissolved, converted under KRS 362.2-951 to 362.2-963, or merged out of existence under KRS 362.2-951 to 362.2-963, the limited partnership is bound by an act of the person only if: (a) The act would have bound the limited partnership under KRS 362.2-402 before the dissociation; and(b) At the time the other party enters into the transaction: 1. Less than two (2) years has passed since the dissociation; and2. The other party does not have notice of the dissociation and reasonably believes that the person is a general partner.(2) If a limited partnership is bound under subsection (1) of this section, then the person dissociated as a general partner is liable: (a) To the limited partnership for any damage caused to the limited partnership arising from that obligation; and(b) If a general partner or another person dissociated as a general partner is liable for that obligation, to that general partner or other person for any damage caused to that general partner or other person arising from that liability.Effective:7/12/2006
Created 2006, Ky. Acts ch. 149, sec. 143, effective7/12/2006.