O.C.G.A.

O.C.G.A. § 14-9-1002 (2019)

Requirements for plaintiff

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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Except to the extent provided by the partnership agreement, in a derivative action, the plaintiff must be a partner at the time of bringing the action and:

(1) Must have been a partner at the time of the transaction of which he complains; or

(2) His status as a partner must have devolved upon him by operation of law or pursuant to the terms of the partnership agreement from a person who was a partner at the time of the transaction.

History

(Code 1981, § 14-9-1002, enacted by Ga. L. 1988, p. 1016, § 1.)

Annotations

COMMENT Note to Georgia Revised Uniform Limited Partnership Act This section sets forth rules regarding who may bring a derivative action.

CORPORATIONS & PARTNERSHIPS

Prior Georgia Law There is no provision under prior Georgia law for limited partner derivative actions. Comparison With Official RULPA Introductory language has been added to the official version that empowers the partners to provide in the partnership agreement for suit by assignees, non-contemporaneous partners or others. Cross-Reference Limited partner derivative suits permitted: § 14-9-1001. RESEARCH REFERENCES Am. Jur. 2d. - 59A Am. Jur. 2d, Partnership, § 873 et seq.