Oregon Statutes 67.110 – Actions by and against partnership and partners
(1) A partnership may sue and be sued in the name of the partnership.
Terms Used In Oregon Statutes 67.110
- 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.
- 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.
- Partnership: means an association of two or more persons to carry on as co-owners a business for profit created under ORS § 67. See Oregon Statutes 67.005
- Person: means an individual, corporation, business trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, instrumentality or any other legal or commercial entity. See Oregon Statutes 67.005
- Property: means all property, real, personal or mixed, tangible or intangible, or any interest therein. See Oregon Statutes 67.005
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States. See Oregon Statutes 67.005
(2) An action may be brought against the partnership and, to the extent not inconsistent with ORS § 67.105, any or all of the partners in the same action or in separate actions.
(3) A judgment against a partnership is not by itself a judgment against a partner.
(4) Except as provided by subsection (5) of this section, a creditor may proceed against one or more partners or their property to satisfy a judgment based on a claim that could have been successfully asserted against the partnership only if:
(a) The partner is personally liable for the claim under ORS § 67.105;
(b) A judgment is also obtained against the partner; and
(c) A judgment based on the same claim is obtained against the partnership that:
(A) Has not been reversed or vacated; and
(B) Remains unsatisfied for 90 days after:
(i) The date of entry of the judgment; or
(ii) The date of expiration or termination of the stay, if the judgment is contested by appropriate proceedings and execution on the judgment has been stayed.
(5) Subsection (4) of this section does not prohibit a creditor from proceeding directly against one or more partners who are personally liable for the claim under ORS § 67.105 or against their property without first seeking satisfaction from partnership property if:
(a) The partnership is a debtor in bankruptcy;
(b) The creditor and the partnership agreed that the creditor is not required to comply with subsection (4) of this section;
(c) A court orders otherwise, based on a finding that partnership property subject to execution within the state is clearly insufficient to satisfy the judgment or that compliance with subsection (4) of this section is excessively burdensome; or
(d) Liability is imposed on the partner by law or contract independently of the person‘s status as a partner. [1997 c.775 § 15]