- Alaska Statutes.
- Title 32. Partnership
- Chapter 11. Uniform Limited Partnership Act
- Section 210. Liability For Contribution.
previous: Section 200
. Form of Contribution.
next: Section 220
. Sharing of Profits and Losses.
AS 32.11.210. Liability For Contribution.
- (a) A promise by a limited partner to contribute to the limited partnership is not enforceable unless set out in a writing
signed by the limited partner.
- (b) Except as provided in the partnership agreement, a partner is obligated to the limited partnership to perform an
enforceable promise to contribute cash or property or to perform services even if the partner is unable to perform
because of death, disability, or other reason. If a partner does not make the required contribution of property or
services, the partner is obligated at the option of the limited partnership to contribute cash equal to that portion of
the value, as stated in the partnership records required to be kept under AS 32.11.840
, of the stated contribution that has not been made.
- (c) Unless otherwise provided in the partnership agreement, the obligation of a partner to make a contribution or return
money or other property paid or distributed in violation of this chapter may be compromised only by consent of all
partners. Notwithstanding the compromise, a creditor of a limited partnership who extends credit or otherwise acts in
reliance on that obligation after the partner signs a writing that reflects the obligation, and before the amendment or
cancellation to reflect the compromise, may enforce the original obligation.
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