Okla. Stat. tit. 54, § 54-500-408A
This is the official text of Okla. Stat. tit. 54, § 54-500-408A, 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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General standards of general partner's conduct
Official statutory text
GENERAL STANDARDS OF GENERAL PARTNER’S CONDUCT.
(a) The only fiduciary duties that a general partner has to the
limited partnership and the other partners are the duties of loyalty
and care under subsections (b) and (c) of this section.
(b) A general partner’s duty of loyalty to the limited
partnership and the other partners is limited to the following:
(1) to account to the limited partnership and hold as trustee
for it any property, profit, or benefit derived by the general
partner in the conduct and winding up of the limited partnership’s
activities or derived from a use by the general partner of limited
partnership property, including the appropriation of a limited
partnership opportunity;
(2) to refrain from dealing with the limited partnership in the
conduct or winding up of the limited partnership’s activities as or
on behalf of a party having an interest adverse to the limited
partnership; and
(3) to refrain from competing with the limited partnership in
the conduct or winding up of the limited partnership’s activities.
(c) A general partner’s duty of care to the limited partnership
and the other partners in the conduct and winding up of the limited
partnership’s activities is limited to refraining from engaging in
grossly negligent or reckless conduct, intentional misconduct, or a
knowing violation of law.
(d) A general partner shall discharge the duties to the
partnership and the other partners under the Uniform Limited
Partnership Act of 2010 or under the partnership agreement and
exercise any rights consistently with the obligation of good faith
and fair dealing.
(e) A general partner does not violate a duty or obligation
under the Uniform Limited Partnership Act of 2010 or under the
partnership agreement merely because the general partner’s conduct
furthers the general partner’s own interest.
(a) The only fiduciary duties that a general partner has to the
limited partnership and the other partners are the duties of loyalty
and care under subsections (b) and (c) of this section.
(b) A general partner’s duty of loyalty to the limited
partnership and the other partners is limited to the following:
(1) to account to the limited partnership and hold as trustee
for it any property, profit, or benefit derived by the general
partner in the conduct and winding up of the limited partnership’s
activities or derived from a use by the general partner of limited
partnership property, including the appropriation of a limited
partnership opportunity;
(2) to refrain from dealing with the limited partnership in the
conduct or winding up of the limited partnership’s activities as or
on behalf of a party having an interest adverse to the limited
partnership; and
(3) to refrain from competing with the limited partnership in
the conduct or winding up of the limited partnership’s activities.
(c) A general partner’s duty of care to the limited partnership
and the other partners in the conduct and winding up of the limited
partnership’s activities is limited to refraining from engaging in
grossly negligent or reckless conduct, intentional misconduct, or a
knowing violation of law.
(d) A general partner shall discharge the duties to the
partnership and the other partners under the Uniform Limited
Partnership Act of 2010 or under the partnership agreement and
exercise any rights consistently with the obligation of good faith
and fair dealing.
(e) A general partner does not violate a duty or obligation
under the Uniform Limited Partnership Act of 2010 or under the
partnership agreement merely because the general partner’s conduct
furthers the general partner’s own interest.
Status: in_force · Read it on the official government site
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