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New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS

    Chapter 3: Under authority of R.S. 42:3-1 et seq.

      Section: 42:3-5: Contracting debts

           No debt shall be contracted, or liability incurred for a limited partnership association, except by one or more of its managers, and no liability for an amount exceeding five hundred dollars, except against the person incurring it, shall bind the association, unless reduced to writing and signed by at least two managers.



This section added to the Rutgers Database: 2012-09-26 13:37:53.






Older versions of 42:3-5 (if available):



Court decisions that cite this statute: CLICK HERE.