American National Insurance Co. had a foreclosure sale on a limited partnerships property to recover an amount
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American National Insurance Co. had a foreclosure sale on a limited partnership’s property to recover an amount owed. The proceeds fell short by almost $1.5 million. To recover the shortfall, American National sought to recover against individuals who became partners after the obligation was undertaken by the limited partnership. Can it do so? Why or why not? (American National Insurance Co. v. Gilroy, Sims and Associates, 874 F. Supp. 973)
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The answer is yes The general rule is that a general partner may not recover from individu...View the full answer
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Labindao Antoque
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