{"data":{"id":"us-ky/krs-362.2-408","jurisdiction":"us-ky","citation":"KRS 362.2-408","heading":"General standards of general partner's conduct.","body":"(1) The fiduciary duties that a general partner has to the limited partnership and the\nother partners include the duties of loyalty and care under subsections (2) and (3) of\nthis section.\n(2) A general partner's duty of loyalty to the limited partnership and t he other partners\nincludes, but it not limited to, the following:\n(a) To account to the limited partnership and hold as trustee for it any property,\nprofit, or benefit derived by the general partner in the conduct and winding up\nof the limited partnership' s activities or derived from a use by the general\npartner of limited partnership property, including the appropriation of a\nlimited partnership opportunity;\n(b) To refrain from dealing with the limited partnership in the conduct or winding\nup of the limite d partnership's activities as or on behalf of a party having an\ninterest adverse to the limited partnership; and\n(c) To refrain from competing with the limited partnership in the conduct or\nwinding up of the limited partnership's activities.\n(3) A general partner's duty of care to the limited partnership and the other partners in\nthe conduct and winding up of the limited partnership's activities includes, but it not\nlimited to, acting with the care that a reasonable person in a like position would\nexercise under similar circumstances and in a manner that the partner believes to be\nin the best interests of the limited partnership.\n(4) A general partner shall discharge the duties to the limited partnership and the other\npartners under this subchapter or under the partnership agreement and exercise any\nrights consistently with the obligation of good faith and fair dealing.\n(5) A general partner does not violate a duty or obligation under this subchapter or\nunder the partnership agreement merely because the gener al partner's conduct\nfurthers the general partner's own interest. That a transaction was fair to the limited\npartnership shall not constitute a defense to the breach of the obligation in\nsubsection (2) of this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40461","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:58Z","sha256":"03b1ec5ea5ed1978485e5b99851474a63ac9f96fb61932de993d10a39eab3802","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.2-407","next":"us-ky/krs-362.2-501"},"notice":"GroundRules: Original legal text. Not legal advice."}