362.1 -405 Actions by partnership and partners. (1) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership causing harm to the partnership. (2) A partner may maintain an action against the partnership or another par tner for legal or equitable relief, with or without an accounting as to partnership business, to: (a) Enforce the partner's rights under the partnership agreement; (b) Enforce the partner's rights under this subchapter, including: 1. The partner's rights u nder KRS 362.1 -401, 362.1 -403, or 362.1 -404; 2. The partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to KRS 362.1 -701 or enforce any other right under KRS 362.1 -601 to 362.1 -705; or 3. The partner's right to compel a dissolution and winding up of the partnership business under or enforce any other right under KRS 362.1 - 801 to 362.1 -807; or (c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising inde pendently of the partnership relationship. der KRS 362.1 - 801 to 362.1 -807; or (c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising inde pendently of the partnership relationship. (3) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by KRS Chapter 413. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 40, effective July 12, 2006.
Kentucky Legal Code