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New Mexico Statutes > Chapter 54 > Article 3 – Relations of Partners to Persons Dealing With

§ 54-1A-301 Partner agent of partnership
§ 54-1A-302 Transfer of partnership property
§ 54-1A-303 Statement of partnership authority
§ 54-1A-304 Statement of denial
§ 54-1A-305 Partnership liable for partner’s actionable conduct
§ 54-1A-306 Partner’s liability
§ 54-1A-307 Actions by and against partnership and partners
§ 54-1A-308 Liability of purported partner

Terms Used In New Mexico Statutes > Chapter 54 > Article 3 - Relations of Partners to Persons Dealing With

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.

New Mexico Statutes > Chapter 54 > Article 3 – Limited Partners

§ 54-2A-301 Becoming limited partner
§ 54-2A-302 No right or power as limited partner to bind limited partnership
§ 54-2A-303 No liability as limited partner for limited partnership obligations
§ 54-2A-304 Right of limited partner and former limited partner to information
§ 54-2A-305 Limited duties of limited partners
§ 54-2A-306 Person erroneously believing self to be limited partner

Terms Used In New Mexico Statutes > Chapter 54 > Article 3 - Limited Partners

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.