- Alaska Statutes.
- Title 32. Partnership
- Chapter 6. Uniform Partnership Act
- Section 404. General Standards of Partner's Conduct.
previous: Section 403
. Partner's Rights and Duties With Respect to Information.
next: Section 405
. Actions By Partnership and Partners.
AS 32.06.404. General Standards of Partner's Conduct.
- (a) The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the
duty of care stated in (b) and (c) of this section.
- (b) A partner's duty of loyalty to the partnership and the other partners is limited to the following:
- (1) to account to the partnership and hold as trustee for it any property, profit, or benefit derived by the partner in
the conduct and winding up of the partnership business or derived from a use by the partner of partnership property,
including the appropriation of a partnership opportunity;
- (2) to refrain from dealing with the partnership in the conduct or winding up of the partnership business as or on behalf
of a party having an interest adverse to the partnership; and
- (3) to refrain from competing with the partnership in the conduct of the partnership business before the dissolution of
- (c) A partner's duty of care to the partnership and the other partners in the conduct and winding up of the partnership
business is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a
knowing violation of law.
- (d) A partner shall discharge the duties to the partnership and the other partners under this chapter and the duties under
the partnership agreement and exercise any rights in accordance with the obligation of good faith and fair dealing.
- (e) Each partner does not violate a duty or obligation under this chapter or under the partnership agreement merely
because the partner's conduct furthers the partner's own interest.
- (f) A partner may lend money to and transact other business with the partnership, and the rights and obligations of the
partner are the same with regard to the loan or transaction as the rights and obligations of a person who is not a
partner, subject to other applicable law.
- (g) This section applies to a person winding up the partnership business as the personal or legal representative of the
last surviving partner as if the person were a partner.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.