OAR 441-505-3085: Lending Limit Rules for Loans to Partnerships

(1) Obligations to a partnership, joint venture, or association are obligations to each member of the partnership, joint venture, or association. This rule does not apply to limited partners in limited partnerships or to members of joint ventures or associations if the partners or members, by the terms of the partnership or membership agreement, are not held generally liable for the obligations or actions of the partnership, joint venture, or association, and those provisions are valid under applicable law. (2)(a) Obligations to members of a partnership, joint venture, or association are not attributed to the partnership, joint venture, or association unless either OAR 441-505-3075 or 441-505-3080 is met. Both 441-505-3075 and 441-505-3080 are met between a member of a partnership, joint venture or association and such partnership, joint venture or association, when obligations are made to the member to purchase an interest in the partnership, joint venture or association. (b) Obligations to members of a partnership, joint venture, or association are not attributed to other members of the partnership, joint venture, or association unless either OAR 441-505-3075 or 441-505-3080 are met.