(a) A partnership shall keep its books and records, if any, at its chief executive office.
(b) A partnership shall provide partners and their agents and attorneys access to its books and records. It shall provide former partners and their agents and attorneys access to books and records pertaining to the period during which they were partners. The right of access provides the opportunity to inspect and copy books and records during ordinary business hours. A partnership may impose a reasonable charge, covering the costs of labor and material, for copies of documents furnished.
(c) Each partner and the partnership shall furnish to a partner, and to the legal representative of a deceased partner or partner under legal disability:
(1) without demand, any information concerning the partnership's business and affairs reasonably required for the proper exercise of the partner's rights and duties under the partnership agreement or the Uniform Partnership Act (1994) [54-1A-101 to 54-1A-1206 NMSA 1978]; and
(2) on demand, any other information concerning the partnership's business and affairs, except to the extent the demand or the information demanded is unreasonable or otherwise improper under the circumstances.
History: Laws 1996, ch. 53, § 403.
Duty imposed by law. — There is an underlying duty imposed by law upon all partners because of their confidential relationship to be completely honest, open and fair. Rogers v. Stacy, 1957-NMSC-101, 63 N.M. 317, 318 P.2d 1116.
Partners bear fiduciary relationship to each other. — Former Section 54-1-20 NMSA 1978 did not limit a partner's duty of affirmative disclosure in transactions between partners. Implicit in the resolution of disputes between partners must be the special responsibilities partners bear to each other. In connection with their partnership affairs, they bear a fiduciary relationship to each other. C.B. & T. Co. v. Hefner, 1982-NMCA-131, 98 N.M. 594, 651 P.2d 1029, cert. denied, 98 N.M. 590, 651 P.2d 636.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 59A Am. Jur. 2d Partnership §§ 409, 968 et seq.
Partner's breach of fiduciary duty to copartner on sale of partnership interest to another partner, 4 A.L.R.4th 1122.
68 C.J.S. Partnership § 76.
Structure New Mexico Statutes
Article 1A - Uniform Partnerships
Article 4 - Relations of Partners to Each Other and to Partnership.
Section 54-1A-401 - Partner's rights and duties.
Section 54-1A-402 - Distributions in kind.
Section 54-1A-403 - Partner's rights and duties with respect to information.
Section 54-1A-404 - General standards of partner's conduct.
Section 54-1A-405 - Actions by partnership and partners.
Section 54-1A-406 - Continuation of partnership beyond definite term or particular undertaking.