(a) A limited partnership is bound by a general partner's act after dissolution which:
(1) is appropriate for winding up the limited partnership's activities; or
(2) would have bound the limited partnership under § 4-47-402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.
(b) A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:
(1) at the time the other party enters into the transaction:
(A) less than two years has passed since the dissociation; and
(B) the other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and
(2) the act:
(A) is appropriate for winding up the limited partnership's activities; or
(B) would have bound the limited partnership under § 4-47-402 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Chapter 47 - Uniform Limited Partnership Act (2001)
§ 4-47-801. Nonjudicial dissolution
§ 4-47-802. Judicial dissolution
§ 4-47-806. Known claims against dissolved limited partnership
§ 4-47-807. Other claims against dissolved limited partnership
§ 4-47-809. Administrative dissolution
§ 4-47-810. Reinstatement following administrative dissolution
§ 4-47-811. Appeal from denial of reinstatement
§ 4-47-812. Disposition of assets — When contributions required