362.2 -405 Actions by and against partnership and partners. (1) To the extent not inconsistent with KRS 362.2 -404, any of the general partners may be joined in an action against the limited partnership or named in separate actions. (2) A judgment against a limited partnership is not by itself a judgment against a gener al partner. A judgment against a limited partnership may not be satisfied from a general partner's assets unless there is also a judgment against the general partner. (3) A judgment creditor of a general partner may not levy execution against the assets of the general partner to satisfy a judgment based on a claim against the limited partnership, unless the partner is personally liable for the claim under KRS 362.2 - 404 and: (a) A judgment based on the same claim has been obtained against the limited partner ship and a writ of execution on the judgment has been returned unsatisfied in whole or in part; (b) The limited partnership is a debtor in bankruptcy; (c) The general partner has agreed that the creditor need not exhaust limited partnership assets; (d) A court grants permission to the judgment creditor to levy execution against the assets of a general partner eral partner has agreed that the creditor need not exhaust limited partnership assets; (d) A court grants permission to the judgment creditor to levy execution against the assets of a general partner based on a finding that limited partnership assets subject to execution are clearly insufficient to satisfy the judgment, that exhaustion of limited p artnership assets is excessively burdensome, or that the grant of permission is an appropriate exercise of the court's equitable powers; or (e) Liability is imposed on the general partner by law or contract independent of the existence of the limited partn ership. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 125, effective July 12, 2006.
Kentucky Legal Code