Section 10-8A-405 Actions by partnership and partners. - Alabama Statutes

Section 10-8A-405

Actions by partnership and partners.

(a) Except as provided in Sections 10-8A-306, 10-8A-806 or 10-8A-807, 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.

(b) Except as provided in Sections 10-8A-306, 10-8A-806 or 10-8A-807, a partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

(1) enforce the partner's rights under the partnership agreement;

(2) enforce the partner's rights under this chapter, including:

(i) the partner's rights under Sections 10-8A-401, 10-8A-403, or 10-8A-404;

(ii) the partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to Section 10-8A-701 or enforce any other right under Article 6 or 7; or

(iii) the partner's right to compel a dissolution and winding up of the partnership business under Section 10-8A-801 or enforce any other right under Article 8; or

(3) enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.

(c) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.

(Acts 1996, No. 96-528, p. 685, §1.)