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O.C.G.A. § 14-9-1001 — Right of limited partner to bring action | Georgia Code

O.C.G.A. § 14-9-1001 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 9. Revised Uniform Limited Partnership Act, 14-9-100 through 14-9-1204.

ARTICLE 10 DERIVATIVE ACTIONS

14-9-1001. Right of limited partner to bring action.

A limited partner may maintain an action in the right of a limited partnership to recover a judgment in its favor if general partners with authority to do so have refused to bring the action or an effort to cause those general partners to bring the action is not likely to succeed. The foregoing authority to bring an action in the right of a limited partnership shall not limit any right a limited partner might have under the partnership agreement or otherwise.

(Code 1981, §14-9-1001, enacted by Ga. L. 1988, p. 1016, § 1.)

COMMENT

Note to Georgia Revised Uniform Limited Partnership Act This section permits limited partner derivative suits in specified circumstances.

Prior Georgia Law There is no provision under prior Georgia law for partnership derivative actions.

Comparison With Official RULPA Language has been added to the official version to clarify that, by granting a right to sue derivatively, the Section should not be read to limit any other rights, including the right to bring an action for accounting, to sue directly outside an accounting, or to pursue remedies provided for in the partnership agreement.

Cross-References Action for accounting: §§ 14-8-22 and14-8-43. Who may bring a derivative action: § 14-9-1002. Pleading effort to secure action by general partner: § 14-9-1003.

RESEARCH REFERENCES

Am. Jur. 2d.

- 59A Am. Jur. 2d, Partnership, § 873 et seq.

C.J.S.

- 68 C.J.S., Partnership, § 605 et seq.

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This Georgia Code resource is curated by Graham Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.