Maine § 1003. - Effect of partnership agreement; nonwaivable provisions
Full text of Maine Maine Revised Statutes § 1003. — Effect of partnership agreement; nonwaivable provisions, with citation guidance and answers to common questions.
§ 1003.. Effect of partnership agreement; nonwaivable provisions
1. Partnership agreement governs; default. Except as otherwise provided in subsection 2, relations among the partners and between the partners and the partnership are governed by the partnership agreement. To the extent the partnership agreement does not otherwise provide, this chapter governs relations among the partners and between the partners and the partnership.
2. Nonwaivable provisions of chapter. The partnership agreement may not:
A. Vary the rights and duties under section 1005 except to eliminate the duty to provide copies of statements to all of the partners; [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. Unreasonably restrict the right of access to books and records under section 1043, subsection 2; [PL 2005, c. 543, Pt. A, §2 (NEW).]
C. Eliminate the duty of loyalty under section 1044, subsection 2 or section 1063, subsection 2, paragraph C, but:
(2) All of the partners or a number or percentage specified in the partnership agreement may authorize or ratify, after full disclosure of all material facts, a specific act or transaction that otherwise would violate the duty of loyalty; [PL 2005, c. 543, Pt. A, §2 (NEW).]
D. Unreasonably reduce the duty of care under section 1044, subsection 3 or section 1063, subsection 2, paragraph C; [PL 2005, c. 543, Pt. A, §2 (NEW).]
E. Eliminate the obligation of good faith and fair dealing under section 1044, subsection 4, but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured if the standards are not manifestly unreasonable; [PL 2005, c. 543, Pt. A, §2 (NEW).]
F. Vary the power to dissociate as a partner under section 1062, subsection 1, except to require the notice under section 1061, subsection 1 to be in writing; [PL 2005, c. 543, Pt. A, §2 (NEW).]
G. Vary the right of a court to expel a partner in the events specified in section 1061, subsection 5; [PL 2005, c. 543, Pt. A, §2 (NEW).]
H. Vary the requirement to wind up the partnership business in cases specified in section 1081, subsection 4, 5 or 6; [PL 2005, c. 543, Pt. A, §2 (NEW).]
I. Vary the law applicable to a limited liability partnership under section 1006, subsection 2; or [PL 2005, c. 543, Pt. A, §2 (NEW).]
J. Restrict rights of 3rd parties under this chapter. [PL 2005, c. 543, Pt. A, §2 (NEW).]
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 1003.
What does Maine Revised Statutes § 1003. cover?
Section 1003. ("Effect of partnership agreement; nonwaivable provisions") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1003.?
A common citation format is "Maine Revised Statutes § 1003." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1003. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.