A
partner may maintain a derivative action to enforce a right of a limited
partnership if:
| (1) |
the partner first makes a demand on the general partners, requesting that they cause the limited partnership to bring an action to enforce the right, and the general partners do not bring the action within a reasonable time; or |
Terms Used In Utah Code 48-2e-1002
- Limited partnership: means an entity formed under this chapter or which becomes subject to this chapter under 11, or Section 48-2e-1205. See Utah Code 48-2e-102
- Partner: means a limited partner or general partner. See Utah Code 48-2e-102
- 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.
| (2) |
a demand under Subsection (1) would be futile. |
Enacted by Chapter 412, 2013 General Session
