Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 9. REVISED UNIFORM LIMITED PARTNERSHIP ACT · Article 5. FINANCE

14-9-502. Promise to contribute; liability for contribution.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
Notwithstanding any other provision of law regarding unwritten contracts, including but not limited to Code Section 13-5-31, a promise by a person to make a contribution to the capital of a limited partnership is not enforceable unless set out in a writing signed by the person or his attorney in fact.#
(b)
Except as provided in the partnership agreement:#
1. (1)
  A partner is obligated to the limited partnership to perform an otherwise enforceable promise to contribute cash or property or to perform services and to pay interest on the agreed contribution from the date the contribution is due; and#
2. (2)
  This obligation exists even if the partner is unable to perform because of death, disability, or any other reason.#
(c)
Unless otherwise provided in the partnership agreement, the obligation of a partner to make a contribution to the capital of the partnership may be reduced or eliminated only by consent of all partners.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1981, § 14-9-502, enacted by Ga. L. 1988, p. 1016, § 1.

For survey article on business associations, see 44 Mercer L. Rev. 67 (1992).

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t14-(v12)-2017-pdf.pdf, Volume V12, 2017 edition, pages 1013 to 1014; merge action: carried; file SHA-256 f2fad2b71b39.