New Mexico Statutes 54-2A-305. Limited duties of limited partners
Current as of: 2023 | Check for updates
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A. A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner.
Terms Used In New Mexico Statutes 54-2A-305
- Fiduciary: A trustee, executor, or administrator.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
B. A limited partner shall discharge the duties to the partnership and the other partners pursuant to the Uniform Revised Limited Partnership Act or pursuant to the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
C. A limited partner does not violate a duty or obligation pursuant to the Uniform Revised Limited Partnership Act or pursuant to the partnership agreement merely because the limited partner’s conduct furthers the limited partner’s own interest.