486A.405 - ACTIONS BY PARTNERSHIP AND PARTNERS. - Iowa Statutes

486A.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 partner for legal or equitable relief, with or without an accounting as to partnership business, to do any of the following: a. Enforce the partner's rights under the partnership agreement. b. Enforce the partner's rights under this chapter, including any or all of the following: (1) The partner's rights under section 486A.401, 486A.403, or 486A.404. (2) The partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to section 486A.701 or enforce any other right under article 6 or 7. (3) The partner's right to compel a dissolution and winding up of the partnership business under section 486A.801 or enforce any other right under article 8. c. Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently 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 other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.          Section History: Recent Form 98 Acts, ch 1201, §24, 79, 82 Referred to in §486A.701