30-23-404. LIABILITY FOR CONTRIBUTION. (a) A person’s obligation to make a contribution to a partnership is not excused by the person’s death, disability, termination, or other inability to perform personally.
(b) If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the partnership to contribute money equal to the value of the part of the contribution which has not been made.
(c) The obligation of a person to make a contribution may be compromised only by the affirmative vote or consent of all the partners. If a creditor of a limited liability partnership extends credit or otherwise acts in reliance on an obligation described in subsection (a) of this section, without knowledge or notice of a compromise under this subsection, the creditor may enforce the obligation.
History:
[30-23-404, added 2015, ch. 243, sec. 26, p. 819.]
Structure Idaho Code
Chapter 23 - GENERAL PARTNERSHIPS
Part 4 - RELATIONS OF PARTNERS TO EACH OTHER AND TO PARTNERSHIP
Section 30-23-401 - PARTNER’S RIGHTS AND DUTIES.
Section 30-23-402 - BECOMING PARTNER.
Section 30-23-403 - FORM OF CONTRIBUTION.
Section 30-23-404 - LIABILITY FOR CONTRIBUTION.
Section 30-23-405 - SHARING OF AND RIGHT TO DISTRIBUTIONS BEFORE DISSOLUTION.
Section 30-23-406 - LIMITATIONS ON DISTRIBUTIONS BY LIMITED LIABILITY PARTNERSHIP.
Section 30-23-407 - LIABILITY OF IMPROPER DISTRIBUTIONS BY LIMITED LIABILITY PARTNERSHIP.
Section 30-23-408 - RIGHTS TO INFORMATION OF PARTNERS AND PERSONS DISSOCIATED AS PARTNER.
Section 30-23-409 - STANDARDS OF CONDUCT FOR PARTNERS.
Section 30-23-410 - ACTIONS BY PARTNERSHIP AND PARTNERS.
Section 30-23-411 - CONTINUATION OF PARTNERSHIP BEYOND DEFINITE TERM OR PARTICULAR UNDERTAKING.