Maine § 1358. - General standards of general partner's conduct
Full text of Maine Maine Revised Statutes § 1358. — General standards of general partner's conduct, with citation guidance and answers to common questions.
§ 1358.. General standards of general partner's conduct
1. Fiduciary duties. The only fiduciary duties that a general partner has to the limited partnership and the other partners are the duties of loyalty and care under subsections 2 and 3.
2. Duty of loyalty. A general partner's duty of loyalty to the limited partnership and the other partners is limited to the following:
A. To account to the limited partnership and hold as trustee for it any property, profit or benefit derived by the general partner in the conduct and winding up of the limited partnership's activities or derived from a use by the general partner of limited partnership property, including the appropriation of a limited partnership opportunity; [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. To refrain from dealing with the limited partnership in the conduct or winding up of the limited partnership's activities as or on behalf of a party having an interest adverse to the limited partnership; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
C. To refrain from competing with the limited partnership in the conduct or winding up of the limited partnership's activities. [PL 2005, c. 543, Pt. C, §2 (NEW).]
3. Duty of care. A general partner's duty of care to the limited partnership and the other partners in the conduct and winding up of the limited partnership's activities is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct or a knowing violation of law.
4. Good faith and fair dealing. A general partner shall discharge the duties to the partnership and the other partners under this chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
5. General partner's own interest. A general partner does not violate a duty or obligation under this chapter or under the partnership agreement merely because the general partner's conduct furthers the general partner's own interest.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 1358.
What does Maine Revised Statutes § 1358. cover?
Section 1358. ("General standards of general partner's conduct") 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 § 1358.?
A common citation format is "Maine Revised Statutes § 1358." (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 § 1358. 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.