TITLE 30

CORPORATIONS

CHAPTER 24

LIMITED PARTNERSHIPS

PART 8

DISSOLUTION AND WINDING UP

30-24-804.  POWER TO BIND PARTNERSHIP AFTER DISSOLUTION. (a)  A limited partnership is bound by a general partner’s act after dissolution which:

(1)  Is appropriate for winding up the partnership’s activities and affairs; or

(2)  Would have bound the partnership under section 30-24-402, Idaho Code, before dissolution, if, at the time the other party enters into the transaction, the other party does not know or 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 (2) years has passed since the dissociation; and

(B)  The other party does not know or 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 partnership’s activities and affairs; or

(B)  Would have bound the partnership under section 30-24-402, Idaho Code, before dissolution and at the time the other party enters into the transaction the other party does not know or have notice of the dissolution.

History:

[30-24-804, added 2015, ch. 243, sec. 40, p. 865.]