California Corporations Code

§ 16404

CORP § 16404 Effective Jan 1, 1997Title 2 · Ch. 5 · Art. 4

Statute text

(a)The fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in subdivisions (b) and (c).

(b)A partner’s duty of loyalty to the partnership and the other partners includes all of the following:

(1)To account to the partnership and hold as trustee for it any property, profit, or benefit derived by the partner in the conduct and winding up of the partnership business or derived from a use by the partner of partnership property or information, including the appropriation of a partnership opportunity.

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Legislative history

Added by Stats. 1996, Ch. 1003, Sec. 2. Effective January 1, 1997.