Utah Code § 16-18-502
Liability for contribution
Utah · Utah Code Title 16 — Business Entities · Status: effective
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- Citation
- Utah Code § 16-18-502, Liability for contribution, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2328463
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Full text
(1) A person's obligation to make a contribution to a partnership is not excused by the person's death, disability, dissolution, or other inability to perform personally.
(2) If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the partnership to contribute money equal to the value of the part of the contribution which has not been made.
(3)
(a) The obligation of a person to make a contribution may be compromised only by consent of all partners.
(b) If a creditor of a limited liability partnership extends credit or otherwise acts in reliance on an obligation described in Subsection (1), without notice of a compromise under this Subsection (3), the creditor may enforce the obligation.