67-424. General standards of partner's conduct.
(1) The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in subsections (2) and (3) of this section.
(2) A partner's duty of loyalty to the partnership and the other partners is limited to the following:
(a) To account to the partnership and hold as trustee for it any property, profit, or benefit derived by the partner in the conduct and winding up of the partnership business or derived from a use by the partner of partnership property, including the appropriation of a partnership opportunity;
(b) To refrain from dealing with the partnership in the conduct or winding up of the partnership business as or on behalf of a party having an interest adverse to the partnership; and
(c) To refrain from competing with the partnership in the conduct of the partnership business before the dissolution of the partnership.
(3) A partner's duty of care to the partnership and the other partners in the conduct and winding up of the partnership business is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of law.
(4) A partner shall discharge the duties to the partnership and the other partners under the Uniform Partnership Act of 1998 or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
(5) A partner does not violate a duty or obligation under the act or under the partnership agreement merely because the partner's conduct furthers the partner's own interest.
(6) A partner may lend money to and transact other business with the partnership, and as to each loan or transaction the rights and obligations of the partner are the same as those of a person who is not a partner, subject to other applicable law.
(7) This section applies to a person winding up the partnership business as the personal or legal representative of the last surviving partner as if the person were a partner.
Source
Structure Nebraska Revised Statutes
67-234 - Limited partnership name.
67-236 - Specified office and agent.
67-239 - Partner; transactions with partnership.
67-239.01 - Partnership; indemnification authorized.
67-240 - Certificate of limited partnership; contents; filing.
67-241 - Amendments to certificate; restated certificate.
67-242 - Cancellation of certificate.
67-243 - Certificates; signature; execution.
67-244 - Certificate or agreement; execution or filing by judicial act.
67-245 - Filing in office of Secretary of State; facsimile signature.
67-246 - Liability for false statement in certificate; general partner; failure to file; liability.
67-247 - Filing of certificate; effect.
67-248 - Delivery of certificate to limited partner.
67-248.01 - Restated certificate.
67-248.02 - Merger or consolidation; procedure; effect.
67-249 - Admission of additional limited partners.
67-250 - Partnership agreement; classes or groups of limited partners; voting rights specified.
67-251 - Limited partner; liability to third parties.
67-252 - Persons erroneously believing themselves limited partners; liability.
67-253 - Limited partner; rights; general partner; rights; records.
67-254 - Admission of additional general partners.
67-255 - General partner; status; termination; when.
67-256 - General partners; powers and liabilities.
67-257 - Contributions by a general partner; powers and liabilities.
67-258 - Partnership agreement; classes or groups of general partners; voting rights specified.
67-259 - Form of contribution.
67-260 - Liability for contributions.
67-261 - Profits and losses; allocation.
67-262 - Distributions of assets.
67-263 - Distributions before withdrawal and dissolution.
67-264 - Withdrawal of general partner.
67-265 - Withdrawal of limited partner.
67-266 - Distribution upon withdrawal.
67-267 - Distribution in kind; limitation.
67-268 - Right to distribution; remedies; record date.
67-269 - Limitations on distributions.
67-270 - Unlawful distribution; liability.
67-271 - Partnership interest; personal property; interest in property.
67-272 - Assignment of partnership interest.
67-273 - Rights of judgment creditor of a partner.
67-274 - Assignee becoming limited partner; rights and liabilities.
67-275 - Partner's executor or legal representative; exercise of powers.
67-277 - Judicial dissolution.
67-278 - Dissolution; right to wind up partnership affairs; powers.
67-279 - Dissolution; distribution of assets.
67-280 - Foreign limited partnership; law governing.
67-281 - Foreign limited partnership; registration; contents.
67-282 - Issuance of registration.
67-283 - Foreign limited partnership; name; agent.
67-284 - Application for registration; amendments.
67-285 - Cancellation of registration; effect.
67-286 - Transaction of business without registration; effect.
67-286.01 - Foreign limited partnerships; sections applicable.
67-287 - Action by Attorney General.
67-288 - Limited partner; assignee; right of action.
67-289 - Derivative action; proper plaintiff.
67-290 - Derivative action; complaint; requirements.
67-291 - Derivative action; expenses; attorney's fees.
67-293 - Filing fees; disposition.
67-294 - Uniform Partnership Act of 1998; applicability.
67-298 - Conversion; articles of conversion.
67-299 - Effect of conversion.
67-2,100 - Existing conversion; effect.
67-403 - Knowledge and notice.
67-404 - Effect of partnership agreement; nonwaivable provisions.
67-405 - Supplemental principles of law.
67-406 - Execution, filing, and recording of statements.
67-408 - Partnership subject to amendment or repeal of act.
67-409 - Partnership as entity; limited liability partnership; treatment.
67-410 - Formation of partnership.
67-411 - Partnership property.
67-412 - When property is partnership property.
67-413 - Partner agent of partnership.
67-414 - Transfer of partnership property.
67-415 - Statement of partnership authority.
67-417 - Partnership liable for partner's actionable conduct.
67-419 - Actions by and against partnership and partners.
67-420 - Liability of purported partner.
67-421 - Partner's rights and duties.
67-422 - Distributions in kind.
67-423 - Partner's rights and duties with respect to information.
67-424 - General standards of partner's conduct.
67-425 - Actions by partnership and partners.
67-426 - Continuation of partnership beyond definite term or particular undertaking.
67-427 - Partner not co-owner of partnership property.
67-428 - Partner's transferable interest in partnership.
67-429 - Transfer of partner's transferable interest.
67-430 - Partner's transferable interest subject to charging order.
67-431 - Events causing partner's dissociation.
67-432 - Partner's power to dissociate; wrongful dissociation.
67-433 - Effect of partner's dissociation.
67-434 - Purchase of dissociated partner's interest.
67-435 - Dissociated partner's power to bind and liability to partnership.
67-436 - Dissociated partner's liability to other persons.
67-437 - Statement of dissociation.
67-438 - Continued use of partnership name.
67-439 - Events causing dissolution and winding up of partnership business.
67-440 - Partnership continues after dissolution.
67-441 - Right to wind up partnership business.
67-442 - Partner's power to bind partnership after dissolution.
67-443 - Statement of dissolution.
67-444 - Partner's liability to other partners after dissolution.
67-445 - Settlement of accounts and contributions among partners.
67-447 - Conversion of partnership to limited partnership.
67-448 - Conversion of limited partnership to partnership.
67-449 - Effect of conversion; entity unchanged.
67-450 - Merger of partnerships.
67-456 - Annual report; certificate of authority.
67-457 - Law governing foreign limited liability partnership.
67-459 - Effect of failure to qualify.
67-460 - Activities not constituting transacting business.
67-461 - Action by Attorney General.
67-463 - Uniformity of application and construction.
67-464 - Partnerships; applicability of act.
67-465 - Limited liability partnership; applicability of act.