Business transactions of partner with partnership

Sec. 8. (a) Except as provided in the partnership agreement, a partner may: (1) lend money to; (2) borrow money from; (3) act as guarantor or surety for; (4) provide collateral for the obligations of; and (5) transact other business; with the limited partnership. (b) Except as provided in the partnership agreement, and subject to other applicable law, a partner has the same rights and obligations with respect to the limited partnership as a person who is not a partner. As added by P.L.147-1988, SEC.1.