United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 31, § 1362: Liability for contribution, 2005

A partner’s contribution obligations to a limited partnership are not excused by death, disability, or other inability to perform personally.

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01

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“A partner’s contribution obligations to a limited partnership are not excused by death, disability, or other inability to perform personally.”

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    Enacted 2005 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Liability for contribution

A partner’s contribution obligations to a limited partnership are not excused by death, disability, or other inability to perform personally.

Section 1362

04

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Source record from legislature.maine.gov · Enacted 2005 · Source version 1 Oct 2025

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§ 1362Liability for contributionProvision

A partner’s contribution obligations to a limited partnership are not excused by death, disability, or other inability to perform personally.

1. Obligation not excused by death, disability or other inability. A partner's obligation to contribute money or other property or other benefit to, or to perform services for, a limited partnership is not excused by the partner's death, disability or other inability to perform personally. [PL 2005, c. 543, Pt. C, §2 (NEW).] 2. Obligation to contribute money equal to promised nonmonetary contribution. If a partner does not make a promised nonmonetary contribution, the partner is obligated at the option of the limited partnership to contribute money equal to that portion of the value, as stated in the required information, of the stated contribution that has not been made. [PL 2005, c. 543, Pt. C, §2 (NEW).] 3. Obligation in violation of chapter; enforcement by creditor. 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. A creditor of a limited partnership that extends credit or otherwise acts in reliance on an obligation described in subsection 1, without notice of any compromise under this subsection, may enforce the original obligation. [PL 2005, c. 543, Pt. C, §2 (NEW).]
Section 1362Verify source

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  • 1 Oct 2025 · currentEnglish

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