Oregon Statutes 67.160 – Actions by partnership and partners
(1) A partner is liable to a partnership and the other partners for a breach of the partnership agreement or for a violation of a duty to the partnership or the other partners under this chapter.
Terms Used In Oregon Statutes 67.160
- Business: includes every trade, occupation, profession and commercial activity. See Oregon Statutes 67.005
- 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
- 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
- Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Oregon Statutes 67.005
(2) A partnership may maintain an action against a partner for a breach of the partnership agreement or for the violation of a duty to the partnership.
(3) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:
(a) Enforce the partner’s rights under the partnership agreement;
(b) Enforce the partner’s rights under this chapter, including:
(A) The partner’s rights under ORS § 67.140, 67.150 or 67.155;
(B) The partner’s right on dissociation to have the partner’s interest in the partnership purchased pursuant to ORS § 67.250 or enforce any other right under ORS § 67.220 to 67.265; or
(C) The partner’s right to compel a dissolution and winding up of the partnership business under ORS § 67.290 or enforce any other right under ORS § 67.290 to 67.315; or
(c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.
(4) The accrual of and any time limitation on a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law. [1997 c.775 § 21]