Iowa Code § 488.805

Liability after dissolution of general partner and person dissociated as general
Open in Lexace · Ask the AI about this section
partner to limited partnership, other general partners, and persons dissociated as general partner. 1. Ifa general partner having knowledge of the dissolution causes a limited partnership to incur an obligation under section 488.804, subsection 1, by an act that is not appropriate for winding up the partnership’s activities, the general partner is liable for all of the following: a. To the limited partnership for any damage caused to the limited partnership arising from the obligation. b. Ifanother general partner or a person dissociated as a general partner is liable for the obligation, to that other general partner or person for any damage caused to that other general partner or person arising from the liability. 2. Ifa person dissociated as a general partner causes a limited partnership to incur an obligation under section 488.804, subsection 2, the person is liable for all of the following: a. To the limited partnership for any damage caused to the limited partnership arising from the obligation. b. Ifa general partner or another person dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability.

‹ Prev All Iowa sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.