Fraud: Intentional deception resulting in injury to another.
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
property: includes both real and personal property. See Alabama Code 1-1-1
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
(1) has actual knowledge of it; or(2) is deemed to know it under law other than this chapter.(b) A person has notice of a fact when the person:
(1) knows of it;(2) receives notice of it;(3) has reason to know the fact from all of the facts known to the person at the time in question; or(4) is deemed to have notice of the fact under subsection (d).(c) A person notifies or gives notice to another person by taking steps reasonably required to inform the other person in ordinary course, whether or not the other person knows the fact.(d) A person is deemed to have notice of a partnership‘s:
(1) statement of partnership, 90 days after a statement of partnership under Section 10A-8A-2.02 becomes effective;(2) statement of not for profit partnership, 90 days after a statement of not for profit partnership under Section 10A-8A-2.02 becomes effective;(3) statement of authority, with respect to:
(i) authority not involving property and(ii) property other than real property, 90 days after a statement of authority under Section 10A-8A-3.03 becomes effective; and with respect to real property in accordance with Section 10A-8A-3.03(g);(4) statement of denial, with respect to property other than real property, 90 days after a statement of denial under Section 10A-8A-3.04 becomes effective;(5) dissociation, 90 days after a statement of dissociation under Section 10A-9A-7.04 becomes effective;(6) dissolution, 90 days after a statement of dissolution under Section 10A-9A-8.02 or Section 10A-9A-8.03 becomes effective;(7) reinstatement, 90 days after a certificate of reinstatement under Section 10A-9A-8.11 becomes effective;(8) merger or conversion under Article 9 or under Article 8 of Chapter 1, 90 days after the statement of merger or conversion becomes effective;(9) statement of limited liability partnership, 90 days after a statement of limited liability partnership under Section 10A-8A-10.01 becomes effective; or(10) statement of cancellation, 90 days after a statement of cancellation under Section 10A-8A-10.01 becomes effective.(e) A partner’s knowledge, notice, or receipt of notice of a fact relating to the partnership is effective immediately as knowledge of, notice to, or receipt of notice by the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.
