MARVIN MANDEL, Governor

1949

10-110. STATUS OF PERSON ERRONEOUSLY BELIEVING HIMSELF A
LIMITED PARTNER.

A PERSON WHO HAS CONTRIBUTED TO THE CAPITAL OF A
BUSINESS CONDUCTED BY A PERSON OR PARTNERSHIP ERRONEOUSLY
BELIEVING THAT HE HAS BECOME A LIMITED PARTNER IN A
LIMITED PARTNERSHIP, IS NOT, BY REASON OF HIS EXERCISE OF
THE RIGHTS OF A LIMITED PARTNER, A GENERAL PARTNER WITH
THE PERSON OR IN THE PARTNERSHIP CARRYING ON THE
BUSINESS, OR BOUND BY THE OBLIGATIONS OF THE PERSON OR
PARTNERSHIP; PROVIDED THAT ON ASCERTAINING THE MISTAKE HE
PROMPTLY RENOUNCES HIS INTEREST IN THE PROFITS OF THE
BUSINESS, OR OTHER COMPENSATION BY WAY OF INCOME.

REVISOR'S NOTE: This section presently appears as
Art. 73, §11.

The word "the" is substituted for the word
"such."

No other changes are made.

10-111. ONE PERSON BOTH GENERAL AND LIMITED PARTNER.

(A) A PERSON MAY BE A GENERAL PARTNER AND A LIMITED
PARTNER IN THE SAME PARTNERSHIP AT THE SAME TIME.

(B) A PERSON WHO IS A GENERAL, AND ALSO AT THE SAME
TIME A LIMITED PARTNER, SHALL HAVE ALL THE RIGHTS AND
POWERS AND BE SUBJECT TO ALL THE RESTRICTIONS OF A
GENERAL PARTNER; EXCEPT THAT, IN RESPECT TO HIS
CONTRIBUTION, HE SHALL HAVE THE RIGHTS AGAINST THE OTHER
MEMBERS WHICH HE WOULD HAVE HAD IF HE WERE NOT ALSO A
GENERAL PARTNER.

REVISOR'S NOTE: This section presently appears as
Art. 73, §12.

No changes are made.

10-112. LOANS AND OTHER BUSINESS TRANSACTIONS WITH
LIMITED PARTNER.

(A) A LIMITED PARTNER ALSO MAY LOAN MONEY TO AND
TRANSACT OTHER BUSINESS WITH THE PARTNERSHIP, AND, UNLESS
HE IS ALSO A GENERAL PARTNER, RECEIVE ON ACCOUNT OF
RESULTING CLAIMS AGAINST THE PARTNERSHIP, WITH GENERAL
CREDITORS, A PRO FATA SHARE OF THE ASSETS. NO LIMITED
PARTNER SHALL IN RESPECT TO ANY SUCH CLAIM:

(1) RECEIVE OR HOLD AS COLLATERAL SECURITY
ANY PARTNERSHIP PROPERTY; OR