48-2a-502 - Liability for contribution. - Utah Statutes

48-2a-502. Liability for contribution.
(1) A promise by a limited partner to contribute to the limited partnership is notenforceable unless set out in a writing signed by the limited partner.
(2) Except as provided in the partnership agreement, a partner is obligated to the limitedpartnership to perform any enforceable promise to contribute cash or property or to performservices, even if he is unable to perform because of death, disability, or any other reason. If apartner does not make the required contribution of property or services, he is obligated at theoption of the limited partnership to contribute cash equal to that portion of the value, as stated inthe partnership records required to be kept pursuant to Section 48-2a-105, of the statedcontribution which has not been made.
(3) Unless otherwise provided in the partnership agreement, the obligation of a partner tomake a contribution or return money or other property paid or distributed in violation of thischapter may be compromised only by consent of all partners. Notwithstanding the compromise, acreditor of a limited partnership who extends credit, or otherwise acts in reliance on thatobligation after the partner signs a writing which reflects the obligation and before the amendmentor cancellation thereof to reflect the compromise may enforce the original obligation.

Enacted by Chapter 233, 1990 General Session