Okla. Stat. tit. 54, § 54-500-606A
This is the official text of Okla. Stat. tit. 54, § 54-500-606A, 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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Power to bind and liability to limited partnership
Official statutory text
before dissolution of partnership of person dissociated as general
partner.
POWER TO BIND AND LIABILITY TO LIMITED PARTNERSHIP BEFORE
DISSOLUTION OF PARTNERSHIP OF PERSON DISSOCIATED AS GENERAL PARTNER.
(a) After a person is dissociated as a general partner and
before the limited partnership is dissolved, converted under Article
11 of this act, or merged out of existence under Article 11 of this
act, the limited partnership is bound by an act of the person only
if:
(1) the act would have bound the limited partnership under
Section 36 of this act before the dissociation; and
(2) at the time the other party enters into the transaction:
(A) less than two (2) years has passed since the
dissociation; and
(B) the other party does not have notice of the
dissociation and reasonably believes that the person
is a general partner.
(b) If a limited partnership is bound under subsection (a) of
this section, the person dissociated as a general partner which
caused the limited partnership to be bound is liable:
(1) to the limited partnership for any damage caused to the
limited partnership arising from the obligation incurred under
subsection (a) of this section; and
(2) if a general partner or another person dissociated as a
general partner is liable for the obligation, to the general partner
or other person for any damage caused to the general partner or
other person arising from the liability.
partner.
POWER TO BIND AND LIABILITY TO LIMITED PARTNERSHIP BEFORE
DISSOLUTION OF PARTNERSHIP OF PERSON DISSOCIATED AS GENERAL PARTNER.
(a) After a person is dissociated as a general partner and
before the limited partnership is dissolved, converted under Article
11 of this act, or merged out of existence under Article 11 of this
act, the limited partnership is bound by an act of the person only
if:
(1) the act would have bound the limited partnership under
Section 36 of this act before the dissociation; and
(2) at the time the other party enters into the transaction:
(A) less than two (2) years has passed since the
dissociation; and
(B) the other party does not have notice of the
dissociation and reasonably believes that the person
is a general partner.
(b) If a limited partnership is bound under subsection (a) of
this section, the person dissociated as a general partner which
caused the limited partnership to be bound is liable:
(1) to the limited partnership for any damage caused to the
limited partnership arising from the obligation incurred under
subsection (a) of this section; and
(2) if a general partner or another person dissociated as a
general partner is liable for the obligation, to the general partner
or other person for any damage caused to the general partner or
other person arising from the liability.
Status: in_force · Read it on the official government site
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