{"data":{"id":"us-ky/krs-362.1-303","jurisdiction":"us-ky","citation":"KRS 362.1-303","heading":"Statement of partnership authority.","body":"(1) A partnership may file a statement of partnership authority, which:\n(a) Shall include:\n1. The name of the partnership, which shall comply with KRS 14A.3-010;\n2. The street address of its chief executive office and of one (1) office in\nthis Commonwealth, if any;\n3. The names and mailing addresses of all of the partners or of an agent\nappointed and maintained by the partnership for the purpose of\nsubsection (2) of this section;\n4. The names of the partners authorized to execute an instrument\ntransferring real property held in the name of the partnership;\n5. The date any statement of qualification or statement of foreign\nqualification was previously filed by the partnership with the Secretary\nof State; and\n(b) May state the authority, or limitations on the auth ority, of some or all of the\npartners to enter into other transactions on behalf of the partnership and any\nother matter.\n(2) The agent named in the statement of partnership authority pursuant to subsection\n(1)(a)3. of this section, if any, shall maintain a list of the names and mailing\naddresses of all of the partners and make it available to any person on written\nrequest for good cause shown.\n(3) If a filed statement of partnership authority is executed pursuant to KRS 362.1 -\n105(3) and states the name of the partnership but does not contain all of the other\ninformation required by subsection (1) of this section, then the statement\nnevertheless operates with respect to a person not a partner as provided in\nsubsections (4) and (5) of this section.\n(4) Except as otherwise provided in subsection (7) of this section, a filed statement of\npartnership authority supplements the authority of a partner to enter into\ntransactions on behalf of the partnership as follows:\n(a) Except for transfers of real property, a gra nt of authority contained in a filed\nstatement of partnership authority is conclusive in favor of a person who gives\nvalue without notice to the contrary, so long as and to the extent that a\nlimitation on that authority is not then contained in another fil ed statement. A\nfiled cancellation of a limitation on authority revives the previous grant of\nauthority.\n(b) A grant of authority to transfer real property held in the name of the\npartnership contained in a ce rtified copy of a filed statement of partnership\nauthority recorded in the office for recording transfers of that real property is\nconclusive in favor of a person who gives value without having notice to the\ncontrary, so long as and to the extent that a ce rtified copy of a filed statement\ncontaining a limitation on that authority is not then of record in the office for\nrecording transfers of that real property. The recording in the office for\nrecording transfers of that real property of a certified copy of a filed\ncancellation of a limitation on authority revives the previous grant of\nauthority.\n(5) A person not a partner has knowledge of a limitation on the authority of a partner to\ntransfer real property held in the name of the partnership if a certified c opy of the\nfiled statement containing the limitation on authority is of record in the office for\nrecording transfers of that real property.\n(6) Except as otherwise provided in subsections (4) and (5) of this section and KRS\n362.1-702 and 362.1-803, a person not a partner does not have notice of a limitation\non the authority of a partner merely because the limitation is contained in a filed\nstatement.\n(7) Unless earlier canceled, a filed statement of partnership authority is canceled by\noperation of law five  (5) years after the date on which the statement, or the most\nrecent amendment to the statement of partnership authority expressly extending its\nterm for not more than five (5) years from the date of the amendment, was filed\nwith the Secretary of State.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=36785","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:57Z","sha256":"15358194dcb70068ea6f67b505cff7fffec54438d6f09ad4ad526b2c3f836a5a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.1-302","next":"us-ky/krs-362.1-304"},"notice":"GroundRules: Original legal text. Not legal advice."}