§ 7-13.1-403. Limited partnership liable for general partner’s actionable conduct. [Effective January 1, 2023.]
(a) A limited partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a general partner acting in the ordinary course of activities and affairs of the partnership or with the actual or apparent authority of the partnership.
(b) If, in the course of a limited partnership’s activities and affairs or while acting with actual or apparent authority of the partnership, a general partner receives or causes the partnership to receive money or property of a person not a partner, and the money or property is misapplied by a general partner, the partnership is liable for the loss.
History of Section.P.L. 2022, ch. 121, § 2, effective January 1, 2023; P.L. 2022, ch. 122, § 2, effective January 1, 2023.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-13.1 - Uniform Limited Partnership Act [Effective January 1, 2023.]
Part 4 - General Partners [Effective January 1, 2023.]
Section 7-13.1-401. - Becoming general partner. [Effective January 1, 2023.]
Section 7-13.1-402. - General partner agent of limited partnership. [Effective January 1, 2023.]
Section 7-13.1-404. - General partner’s liability. [Effective January 1, 2023.]
Section 7-13.1-405. - Actions by and against partnership and partners. [Effective January 1, 2023.]
Section 7-13.1-406. - Management rights of general partner. [Effective January 1, 2023.]
Section 7-13.1-409. - Standards of conduct for general partners. [Effective January 1, 2023.]