Ark. Code Ann. » Title 4 Chapter 47
Arkansas Code Annotated

Ark. Code Ann. § 4-47-804 (2020)

Power of general partner and person dissociated as general partner to bind partnership after dissolution

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
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  1. A limited partnership is bound by a general partner's act after dissolution which:
    1. is appropriate for winding up the limited partnership's activities; or
    2. would have bound the limited partnership under § 4-47-402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.
  2. A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:
    1. at the time the other party enters into the transaction:
      1. less than two years has passed since the dissociation; and
      2. the other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and
    2. the act:
      1. is appropriate for winding up the limited partnership's activities; or
      2. would have bound the limited partnership under § 4-47-402 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.

History. Acts 2007, No. 15, § 1.