A derivative action to enforce a right of a limited partnership may be maintained only by a person that:

(1) Is a partner at the time the action is commenced; and

Terms Used In Tennessee Code 61-3-903

  • Partner: means a limited partner or general partner. See Tennessee Code 61-3-101
  • 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: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Tennessee Code 61-3-101
(2) Either:

(A) Was a partner when the conduct giving rise to the action occurred; or
(B) Whose status as a partner devolved on the person by operation of law or pursuant to the terms of the partnership agreement from a person that was a partner at the time of the conduct.
  Previous section
Next section  
 Part 9 Contents