Okla. Stat. tit. 54, § 54-500-405A
This is the official text of Okla. Stat. tit. 54, § 54-500-405A, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.
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Actions by and against partnership and partners
Official statutory text
ACTIONS BY AND AGAINST PARTNERSHIP AND PARTNERS.
(a) To the extent not inconsistent with Section 38 of this act,
a general partner may be joined in an action against the limited
partnership or named in a separate action.
(b) A judgment against a limited partnership is not by itself a
judgment against a general partner. A judgment against a limited
partnership may not be satisfied from a general partner’s assets
unless there is also a judgment against the general partner.
(c) A judgment creditor of a general partner may not levy
execution against the assets of the general partner to satisfy a
judgment based on a claim against the limited partnership, unless
the partner is personally liable for the claim under Section 38 of
this act and:
(1) a judgment based on the same claim has been obtained
against the limited partnership and a writ of execution on the
judgment has been returned unsatisfied in whole or in part;
(2) the limited partnership is a debtor in bankruptcy;
(3) the general partner has agreed that the creditor need not
exhaust limited partnership assets;
(4) a court grants permission to the judgment creditor to levy
execution against the assets of a general partner based on a finding
that limited partnership assets subject to execution are clearly
insufficient to satisfy the judgment, that exhaustion of limited
partnership assets is excessively burdensome, or that the grant of
permission is an appropriate exercise of the court’s equitable
powers; or
(5) liability is imposed on the general partner by law or
contract independent of the existence of the limited partnership.
(a) To the extent not inconsistent with Section 38 of this act,
a general partner may be joined in an action against the limited
partnership or named in a separate action.
(b) A judgment against a limited partnership is not by itself a
judgment against a general partner. A judgment against a limited
partnership may not be satisfied from a general partner’s assets
unless there is also a judgment against the general partner.
(c) A judgment creditor of a general partner may not levy
execution against the assets of the general partner to satisfy a
judgment based on a claim against the limited partnership, unless
the partner is personally liable for the claim under Section 38 of
this act and:
(1) a judgment based on the same claim has been obtained
against the limited partnership and a writ of execution on the
judgment has been returned unsatisfied in whole or in part;
(2) the limited partnership is a debtor in bankruptcy;
(3) the general partner has agreed that the creditor need not
exhaust limited partnership assets;
(4) a court grants permission to the judgment creditor to levy
execution against the assets of a general partner based on a finding
that limited partnership assets subject to execution are clearly
insufficient to satisfy the judgment, that exhaustion of limited
partnership assets is excessively burdensome, or that the grant of
permission is an appropriate exercise of the court’s equitable
powers; or
(5) liability is imposed on the general partner by law or
contract independent of the existence of the limited partnership.
Status: in_force · Read it on the official government site
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