Okla. Stat. tit. 54, § 154
Repealed
Effective Jan 1, 2010Laws 1951, HB 356, p. 146, § 14, emerg. eff. May 29, 1951. Laws 2008, SB 1708, c. 382, § 317 provides that this section is repealed. Section 319 of Laws 2008, SB 1708, c. 382 provides that the § 317 repeal shall become effective November 1, 2008. Section 320 of Laws 2008, SB 1708, c. 382 provides that the § 317 repeal shall become effective January 1, 2010. Weddington v. Henry, 2008 OK 102, 202 P.3d 143 holds that Laws 2008, SB 1708, c. 382 is entirely unconstitutional and void.
- (a) A limited partner also may loan money to and transact other business with the partnership, and, unless he is also a general partner, receive on account of resulting claims against the partnership, with general creditors, a pro rata share of the assets. No limited partner shall in respect to any such claim:
- (1) Receive or hold as collateral security any partnership property, or
- (2) Receive from a general partner or the partnership any payment, conveyance, or release from liability, if at the time the assets of the partnership are not sufficient to discharge partnership liabilities to persons not claiming as general or limited partners.
- (b) The receiving of collateral security, or a payment, conveyance, or release in violation of the provisions of paragraph (a) is a fraud on the creditors of the partnership.
Laws 1951, HB 356, p. 146, § 14, emerg. eff. May 29, 1951.
Laws 2008, SB 1708, c. 382, § 317 provides that this section is repealed. Section 319 of Laws 2008, SB 1708, c. 382 provides that the § 317 repeal shall become effective November 1, 2008. Section 320 of Laws 2008, SB 1708, c. 382 provides that the § 317 repeal shall become effective January 1, 2010. Weddington v. Henry, 2008 OK 102, 202 P.3d 143 holds that Laws 2008, SB 1708, c. 382 is entirely unconstitutional and void.