Source: http://statutes.islaws.com/oklahoma/Title54
Timestamp: 2018-12-17 19:00:50
Document Index: 4280452

Matched Legal Cases: ['§54', '§ 44', '§54', '§ 1', '§54', '§ 2', '§ 32', '§54', '§ 3', '§54', '§ 4', '§54', '§ 5', '§54', '§ 6', '§ 33', '§ 5', '§54', '§ 7', '§54', '§ 8', '§54', '§ 9', '§54', '§ 10', '§54', '§ 11', '§54', '§ 12', '§54', '§ 13', '§54', '§ 14', '§54', '§ 15', '§54', '§ 16', '§54', '§ 17', '§54', '§ 18', '§54', '§ 19', '§54', '§ 20', '§54', '§ 21', '§54', '§ 22', '§54', '§ 23', '§54', '§ 24', '§54', '§ 25', '§54', '§ 26', '§54', '§ 27', '§54', '§ 28', '§54', '§ 29', '§54']

Oklahoma Title 54. Partnership Code | Oklahoma Title 54. Partnership Laws | Oklahoma Statutes
Statutes > Oklahoma Laws > Title 54. Partnership
§54-1. Repealed by Laws 1955, p. 298, § 44, emerg. eff. June 3, 1955.
§54-1-100. Short title.
Sections 1 through 64 of this act shall be known and may be cited as the "Oklahoma Revised Uniform Partnership Act".
Added by Laws 1997, c. 399, § 1, eff. Nov. 1, 1997.
§54-1-101. Definitions.
(5) "Limited liability partnership" means a partnership that has filed a statement of qualification under Section 55 of this act and does not have a similar statement in effect in any other jurisdiction.
(6) "Partnership" means an association of two or more persons to carry on as co-owners a business for profit formed under Section 10 of this act, predecessor law, or comparable law of another jurisdiction.
(7) "Partnership agreement" means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement; and a partnership agreement binds a partner of a partnership or a transferee of an economic interest regardless of whether the partner or transferee executes the partnership agreement.
(10) "Person" means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, limited liability company, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(13) "Statement" means a statement of partnership authority under Section 15 of this act, a statement of denial under Section 16 of this act, a statement of dissociation under Section 38 of this act, a statement of dissolution under Section 44 of this act, a statement of merger under Section 53 of this act, a statement of qualification under Section 55 of this act, a statement of foreign qualification under Section 58 of this act, or an amendment or cancellation of any of the foregoing.
(14) "Transfer" includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.
Added by Laws 1997, c. 399, § 2, eff. Nov. 1, 1997. Amended by Laws 2008, c. 253, § 32.
§54-1-102. Knowledge and Notice.
Knowledge and Notice. (a) A person knows a fact if the person has actual knowledge of it.
(f) A partner's knowledge, notice, or receipt of a notification of a fact relating to the partnership is effective immediately as knowledge of, notice to, or receipt of a notification by the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.
Added by Laws 1997, c. 399, § 3, eff. Nov. 1, 1997.
§54-1-103. Effect of Partnership Agreement; Nonwaivable Provisions.
Effect of Partnership Agreement; Nonwaivable Provisions. (a) Except as otherwise provided in subsection (b) of this section, relations among the partners and between the partners and the partnership are governed by the partnership agreement. To the extent the partnership agreement does not otherwise provide, this act governs relations among the partners and between the partners and the partnership.
(1) vary the rights and duties under Section 6 of this act except to eliminate the duty to provide copies of statements to all of the partners;
(2) unreasonably restrict the right of access to books and records under subsection (b) of Section 24 of this act;
(3) eliminate the duty of loyalty under subsection (b) of Section 25 of this act or paragraph (3) of subsection (b) of Section 34 of this act, but:
(4) unreasonably reduce the duty of care under subsection (c) of Section 25 of this act or paragraph (3) of subsection (b) of Section 34 of this act;
(5) eliminate the obligation of good faith and fair dealing under subsection (d) of Section 25 of this act, but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;
(6) vary the power to dissociate as a partner under subsection (a) of Section 33 of this act, except to require the notice under paragraph (1) of Section 32 of this act to be in writing;
(7) vary the right of a court to expel a partner in the events specified in paragraph (5) of Section 32 of this act;
(8) vary the requirement to wind up the partnership business in cases specified in paragraphs (4), (5), or (6) of Section 40 of this act; or
(9) vary the law applicable to a limited liability partnership under subsection (b) of Section 7 of this act; or
(10) restrict rights of third parties under this act.
Added by Laws 1997, c. 399, § 4, eff. Nov. 1, 1997.
§54-1-104. Supplemental Principles of Law.
Supplemental Principles of Law. (a) Unless displaced by particular provisions of this act, the principles of law and equity supplement this act.
(b) If an obligation to pay interest arises under this act and the rate is not specified, the rate is that specified in Section 727 of Title 12 of the Oklahoma Statutes.
Added by Laws 1997, c. 399, § 5, eff. Nov. 1, 1997.
§54-1-105. Execution, filing, and recording of statements.
(a) A statement may be filed in the office of the Secretary of State. A certified copy of a statement that is filed in an office in another state may be filed in the office of the Secretary of State. Either filing has the effect provided in this act with respect to partnership property located in or transactions that occur in this state.
(f) The county clerk recording transfers of real property may collect a fee for recording a statement.
(g) The Secretary of State shall charge and collect the following fees:
(1) for filing a statement, a fee of One Hundred Dollars ($100.00);
(2) for filing an amendment, cancellation, or dissolution, a fee of Fifty Dollars ($50.00);
(3) for filing a statement of denial, a fee of Twenty-five Dollars ($25.00);
(4) for filing a statement of disassociation, a fee of Twenty-five Dollars ($25.00);
(5) for filing a statement of change of agent or office, resignation of agent, or change of chief executive office, a fee of Twenty-five Dollars ($25.00);
(6) for filing a change of address for any individual or other person authorized to do business in this state designated by a partnership as its registered agent for service of process, or the change of name or the resignation of a registered agent, a fee of Twenty-five Dollars ($25.00) for the first forty partnerships and Five Dollars ($5.00) for each additional partnership within any bulk filing;
(7) for filing a statement of conversion, a fee of One Hundred Dollars ($100.00);
(8) for filing a statement of merger, a fee of One Hundred Dollars ($100.00); and
(9) for filing a fictitious name certificate, a fee of Fifty Dollars ($50.00), and for an amendment to the certificate, a fee of Twenty-five Dollars ($25.00).
(h) A partnership name filed in a statement pursuant to this act may not be the same as or indistinguishable from the name of any other partnership, corporation, limited liability company or limited partnership, trade name or fictitious name, or other name reserved with or on file with the Secretary of State.
(i) The provisions of subparagraph h of this paragraph shall not apply if one of the following is filed with the Secretary of State:
(1) the written consent of the other partnership, corporation, limited liability company, limited partnership, or holder of the trade name, fictitious name or other reserved name to use the same or indistinguishable name with the addition of one or more words, numerals, numbers or letters to make that name distinguishable upon the records of the Secretary of State, except that the addition of words, numerals, numbers or letters to make the name distinguishable shall not be required where such written consent states that the consenting entity is about to change its name, cease to do business, withdraw from the state or be wound up, or
(2) a certified copy of a final decree of a court of competent jurisdiction establishing the prior right of such partnership or holder of partnership name to the use of such name in this state.
(j) Any signature on any instrument authorized to be filed with the Secretary of State under any provision of this act may be by facsimile.
Added by Laws 1997, c. 399, § 6, eff. Nov. 1, 1997. Amended by Laws 2008, c. 253, § 33; Laws 2009, c. 447, § 5, eff. Jan. 1, 2010.
§54-1-106. Governing Law.
Governing Law. (a) Except as otherwise provided in subsection (b) of this section, the law of the jurisdiction in which a partnership has its chief executive office governs relations among the partners and between the partners and the partnership.
Added by Laws 1997, c. 399, § 7, eff. Nov. 1, 1997.
§54-1-107. Partnership subject to amendment or repeal of act.
Partnership subject to amendment or repeal of act. A partnership governed by this act is subject to any amendment or repeal of this act.
Added by Laws 1997, c. 399, § 8, eff. Nov. 1, 1997.
§54-1-201. Partnership as entity.
Partnership as entity. (a) A partnership is an entity distinct from its partners.
(b) A limited liability partnership continues to be the same entity that existed before the filing of a statement of qualification under Section 55 of this act.
Added by Laws 1997, c. 399, § 9, eff. Nov. 1, 1997.
§54-1-202. Formation of Partnership.
Formation of Partnership. (a) Except as otherwise provided in subsection (b) of this section, the association of two or more persons to carry on as co-owners a business for profit forms a partnership, whether or not the persons intend to form a partnership.
(b) An association formed under a statute other than this act, a predecessor statute, or a comparable statute of another jurisdiction is not a partnership under this act.
Added by Laws 1997, c. 399, § 10, eff. Nov. 1, 1997.
§54-1-203. Partnership Property.
Partnership Property. Property acquired by a partnership is property of the partnership and not of the partners individually.
Added by Laws 1997, c. 399, § 11, eff. Nov. 1, 1997.
§54-1-204. When Property is Partnership Property.
When Property is Partnership Property. (a) Property is partnership property if acquired in the name of:
Added by Laws 1997, c. 399, § 12, eff. Nov. 1, 1997.
§54-1-301. Partner Agent of Partnership.
Partner Agent of Partnership. Subject to the effect of a statement of partnership authority under Section 15 of this act:
Added by Laws 1997, c. 399, § 13, eff. Nov. 1, 1997.
§54-1-302. Transfer of Partnership Property.
Transfer of Partnership Property. (a) Partnership property may be transferred as follows:
(1) Subject to the effect of a statement of partnership authority under Section 15 of this act, partnership property held in the name of the partnership may be transferred by an instrument of transfer executed by a partner in the partnership name.
(b) A partnership may recover partnership property from a transferee only if it proves that execution of the instrument of initial transfer did not bind the partnership under Section 13 of this act and:
(1) as to a subsequent transferee who gave value for property transferred under paragraphs (1) and (2) of subsection (a) of this section, proves that the subsequent transferee knew or had received a notification that the person who executed the instrument of initial transfer lacked authority to bind the partnership; or
(2) as to a transferee who gave value for property transferred under paragraph (3) of subsection (a) of this section, proves that the transferee knew or had received a notification that the property was partnership property and that the person who executed the instrument of initial transfer lacked authority to bind the partnership.
Added by Laws 1997, c. 399, § 14, eff. Nov. 1, 1997.
§54-1-303. Statement of Partnership Authority.
Statement of Partnership Authority. (a) A partnership may file with the Secretary of State a statement of partnership authority, which:
(ii) the street address of its chief executive office and of one office in this state, if there is one; and
(iii) the name and mailing address of an agent appointed and maintained by the partnership for the purpose of subsection (b) of this section; or
(iv) the names and mailing addresses of the partners authorized to execute an instrument transferring real property held in the name of the partnership; and
(c) If a filed statement of partnership authority is executed pursuant to subsection (c) of Section 6 of this act and states the name of the partnership but does not contain all of the other information required by subsection (a) of this section, the statement nevertheless operates with respect to a person not a partner as provided in subsections (d) and (e) of this section.
(f) Except as otherwise provided in subsections (d) and (e) of this section and Sections 38 and 44 of this act, a person not a partner is not deemed to know of a limitation on the authority of a partner merely because the limitation is contained in a filed statement.
(g) Unless earlier canceled, a filed statement of partnership authority is canceled by operation of law five (5) years after the date on which the statement, or the most recent amendment, was filed with the Secretary of State.
Added by Laws 1997, c. 399, § 15, eff. Nov. 1, 1997.
§54-1-304. Statement of Denial.
Statement of Denial. A partner or other person named as a partner in a filed statement of partnership authority or in a list maintained by an agent pursuant to subsection (b) of Section 15 of this act may file with the Secretary of State a statement of denial stating the name of the partnership and the fact that is being denied, which may include denial of a person's authority or status as a partner. A statement of denial is a limitation on authority as provided in subsections (d) and (e) of Section 15 of this act.
Added by Laws 1997, c. 399, § 16, eff. Nov. 1, 1997.
§54-1-305. Partnership Liable for Partner's Actionable Conduct.
Partnership Liable for Partner's Actionable Conduct. (a) A partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner acting in the ordinary course of business of the partnership or with authority of the partnership.
Added by Laws 1997, c. 399, § 17, eff. Nov. 1, 1997.
§54-1-306. Partner's liability.
Partner's liability. (a) Except as otherwise provided in subsections (b) and (c) of this section, all partners are liable jointly and severally for all obligations of the partnership unless otherwise agreed by the claimant or provided by law.
(c) An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or so acting as a partner. This subsection applies notwithstanding anything inconsistent in the partnership agreement that existed immediately before the vote required to become a limited liability partnership under subsection (b) of Section 55 of this act.
Added by Laws 1997, c. 399, § 18, eff. Nov. 1, 1997.
§54-1-307. Actions By and Against Partnership and Partners.
Actions By and Against Partnership and Partners. (a) A partnership may sue and be sued in the name of the partnership.
(b) An action may be brought against the partnership and, to the extent not inconsistent with Section 18 of this act, any or all of the partners in the same action or in separate actions.
(d) A judgment creditor of a partner may not levy execution against the assets of the partner to satisfy a judgment based on a claim against the partnership unless the partner is personally liable for the claim under Section 18 of this act and:
(e) This section applies to any partnership liability or obligation resulting from a representation by a partner or purported partner under Section 20 of this act.
Added by Laws 1997, c. 399, § 19, eff. Nov. 1, 1997.
§54-1-308. Liability of Purported Partner.
Liability of Purported Partner. (a) If a person, by words or conduct, purports to be a partner, or consents to being represented by another as a partner, in a partnership or with one or more persons not partners, the purported partner is liable to a person to whom the representation is made, if that person, relying on the representation, enters into a transaction with the actual or purported partnership. If the representation, either by the purported partner or by a person with the purported partner's consent, is made in a public manner, the purported partner is liable to a person who relies upon the purported partnership even if the purported partner is not aware of being held out as a partner to the claimant. If partnership liability results, the purported partner is liable with respect to that liability as if the purported partner were a partner. If no partnership liability results, the purported partner is liable with respect to that liability jointly and severally with any other person consenting to the representation.
Added by Laws 1997, c. 399, § 20, eff. Nov. 1, 1997.
§54-1-309. Security for Payment of Claims.
Security for Payment of Claims. (a) A limited liability partnership, or a foreign limited liability partnership transacting business in this state, shall provide security for claims against it based upon acts, errors, or omissions arising out of the conduct of the business of the partnership in the manner provided in subsection (b), (c), (d) or (e) of this section.
(b) (1) A limited liability partnership or foreign limited liability partnership is in compliance with this section if it maintains a policy or policies of insurance against liability imposed on it by law for damages arising out of claims of the type specified in subsection (a) of this section. The policy or policies of insurance may be issued on a claims-made or occurrence basis; provided, that the total aggregate limit of liability thereof equals or exceeds Five Hundred Thousand Dollars ($500,000.00). The impairment or exhaustion of such aggregate limit of liability by amounts paid under the policy in connection with the settlement, discharge, or defense of claims shall not require the partnership to acquire additional insurance coverage for the policy period to which the impairment or exhaustion applies. Such policy or policies of insurance may be of a type reasonably available in the commercial insurance market and may be subject to such terms, conditions, exclusions, and endorsements as are typically contained in such policies.
(2) If the principal business activity of a limited liability partnership or foreign limited liability partnership is not the provision of professional services, the limited liability partnership or foreign limited liability partnership may comply with this section if it maintains a general liability insurance policy or policies in the aggregate amount of at least Five Hundred Thousand Dollars ($500,000.00). The impairment or exhaustion of such aggregate limit of liability by amounts paid under the policy in connection with the settlement, discharge, or defense of claims shall not require the partnership to acquire additional insurance coverage for the policy period to which the impairment or exhaustion applies. Such policy or policies of insurance may be of a type reasonably available in the commercial insurance market and may be subject to such terms, conditions, exclusions, and endorsements as are typically contained in such policies.
(3) A policy or policies of insurance maintained pursuant to this subsection may be subject to a deductible or self-insured retention not to exceed ten percent (10%) of the aggregate limit of liability specified in paragraphs (1) and (2) of this subsection; provided, however, that a deductible or self-insured retention may exceed such amount if the partnership maintains funds in the manner provided for in subsection (c) of this section in the amount of the difference between the actual deductible or self-insured retention and such amount.
(c) (1) A limited liability partnership or foreign limited liability partnership is in compliance with this section if it maintains funds specifically designated and segregated as security for the payment of liabilities imposed by law against the partnership or its partners arising out of claims of the type specified in subsection (a) of this section, in the aggregate amount of at least Five Hundred Thousand Dollars ($500,000.00). The partnership remains in compliance with this section notwithstanding amounts paid from the designated and segregated funds in any six-month period in settling or discharging such claims; provided, that the amount of the designated and segregated funds is increased to at least Five Hundred Thousand Dollars ($500,000.00) as of the first business day of the next six-month period. A limited liability partnership or foreign limited liability partnership is in compliance with this subsection if it:
(i) maintains funds in the required amount in trust or in bank escrow in the form of cash, bank certificates of deposit or United States Treasury obligations,
(ii) maintains in effect bank letters of credit in the required amount, or
(iii) maintains in effect insurance or surety company bonds in the required amount.
(2) Notwithstanding the pendency of other claims against the partnership, a limited liability partnership or foreign limited liability partnership shall be deemed to be in compliance with this subsection if within thirty (30) days after the time that a claim is initially asserted through service of a summons, complaint or comparable pleading in a judicial or administrative proceeding, the partnership has designated and segregated funds in compliance with the requirement of paragraph (1) of this subsection.
(d) For purposes of satisfying the requirements of this section, a limited liability partnership or foreign limited liability partnership may aggregate security provided pursuant to subsections (b) and (c) of this section.
(e) Notwithstanding any other provision of this section, if a foreign limited liability partnership maintains liability insurance, designated and segregated funds, or any combination thereof pursuant to the laws or regulations of another jurisdiction, such liability insurance, designated and segregated funds, or combination thereof shall be deemed to satisfy this section if:
(1) The amount thereof is equal to or greater than the amount required pursuant to this section; or
(2) The amount thereof, plus any security maintained pursuant to subsection (b) or (c) of this section, is equal to or greater than the amount required pursuant to this section.
(f) Federal or state law, as applicable, shall determine whether the existence of the security required by subsection (b) or (c) of this section or the amount of such security may be revealed pursuant to the law of civil procedure governing discovery in civil cases or whether the existence or amount of that security may be admitted into evidence for consideration by a trier of fact during a civil proceeding.
(g) If a limited liability partnership or foreign limited liability partnership fails to comply with this section, the partners thereof shall be liable jointly for the debts, obligations and liabilities of the partnership arising from claims specified in subsection (a) of this section; provided, however, that the aggregate amount for which the partners are jointly liable shall be limited to the difference between the amount of security required to be maintained pursuant to this section and the amount of security actually maintained by the partnership.
(h) Notwithstanding any other provision of this section, if a limited liability partnership or foreign limited liability partnership is in substantial compliance with this section at the time that a bankruptcy or other insolvency proceeding is commenced with respect to the partnership, the partnership shall be deemed to be in compliance with this section during the entire pendency of the proceeding. A partnership that has been the subject of such a proceeding and that conducts business after the proceeding has ended must thereafter comply with this section in order to maintain its status as a limited liability partnership or foreign limited liability partnership.
Added by Laws 1997, c. 399, § 21, eff. Nov. 1, 1997.
§54-1-401. Partner's Rights and Duties.
Partner's Rights and Duties. (a) Each partner is deemed to have an account that is:
(k) This section does not affect the obligations of a partnership to other persons under Section 13 of this act.
Added by Laws 1997, c. 399, § 22, eff. Nov. 1, 1997.
§54-1-402. Distributions in Kind.
Distributions in Kind. A partner has no right to receive, and may not be required to accept, a distribution in kind.
Added by Laws 1997, c. 399, § 23, eff. Nov. 1, 1997.
§54-1-403. Partner's Rights and Duties with Respect to Information.
Partner's Rights and Duties with Respect to Information. (a) A partnership shall keep its books and records, if any, at its chief executive office.
(1) without demand, any information concerning the partnership's business and affairs reasonably required for the proper exercise of the partner's rights and duties under the partnership agreement or this act; and
Added by Laws 1997, c. 399, § 24, eff. Nov. 1, 1997.
§54-1-404. General Standards of Partner's Conduct.
General Standards of Partner's Conduct. (a) The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in subsections (b) and (c) of this section.
(d) A partner shall discharge the duties to the partnership and the other partners under this act or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
Added by Laws 1997, c. 399, § 25, eff. Nov. 1, 1997.
§54-1-405. Actions by Partnership and Partners.
Actions by Partnership and Partners. (a) 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) enforce the partner's rights under this act, including:
(i) the partner's rights under Sections 22, 24, or 25 of this act;
(ii) the partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to Section 35 of this act or enforce any other right under Article 6 or 7 of this act; or
(iii) the partner's right to compel a dissolution and winding up of the partnership business under Section 40 of this act or enforce any other right under Article 8 of this act; or
Added by Laws 1997, c. 399, § 26, eff. Nov. 1, 1997.
§54-1-406. Continuation of Partnership beyond Definite Term or Particular Undertaking.
Continuation of Partnership beyond Definite Term or Particular Undertaking. (a) If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.
Added by Laws 1997, c. 399, § 27, eff. Nov. 1, 1997.
§54-1-501. Partner not Co-owner of Partnership Property.
Partner not Co-owner of Partnership Property. A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.
Added by Laws 1997, c. 399, § 28, eff. Nov. 1, 1997.
§54-1-502. Partner's Transferable Interest in Partnership.
Partner's Transferable Interest in Partnership. The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the partner's right to receive distributions. The interest is personal property.
Added by Laws 1997, c. 399, § 29, eff. Nov. 1, 1997.
§54-1-503. Transfer of Partner's Transferable Interest.
Transfer of Partner's Transferable Interest. (a) A transfer, in whole or in part, of a partner's transferable interest in the partnership:
(3) to seek under paragraph (6) of Section 40 of this act a judicial determination that it is equitable to wind up the partnership business.
(c) In a dissolution and winding up, a transferee is entitled to an account of partnership transactions only from the