(1) A partnership may sue and be sued in the name of the partnership.
An action may be brought against the partnership and any or all of the partners in thesame action or in separate actions.
A judgment against a partnership is not by itself a judgment against a partner. Ajudgment against a partnership may not be satisfied from the assets of a partner liable as provided in section 7-64-306 for the partnership obligation unless there is also a judgment against the partner for such obligation.
A judgment creditor of a partner may not levy execution against the assets of thepartner to satisfy a judgment based on a claim against the partnership unless:
(a) The claim is for a partnership obligation for which the partner is liable as provided in section 7-64-306 and either:
A judgment based on the same claim has been obtained against the partnership and awrit of execution on the judgment has been returned unsatisfied in whole or in part;
The partnership is a debtor in bankruptcy;
The partner has agreed that the creditor need not exhaust partnership assets; or
A court grants permission to the judgment creditor to levy execution against theassets of a partner based on a finding that partnership assets subject to execution are clearly insufficient to satisfy the judgment, that exhaustion of partnership assets is excessively burdensome, or that the grant of permission is an appropriate exercise of the court's equitable powers; or
(b) Liability is imposed on the partner by law or contract independent of the existence of the partnership.
(5) This section applies to any partnership obligation resulting from a representation by a partner or purported partner under section 7-64-308.
Source: L. 97: Entire article added, p. 878, § 1, effective January 1, 1998. L. 2003: (1) amended, p. 2253, § 155, effective July 1, 2004. L. 2004: (1) amended, p. 1451, § 158, effective July 1.