31 §1062. Partner's power to dissociate; wrongful dissociation
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 17: UNIFORM PARTNERSHIP ACT HEADING: PL 2005, C. 543, PT. A, §2 (NEW)
Subchapter 6: PARTNER'S DISSOCIATION HEADING: PL 2005, C. 543, PT. A, §2 (NEW)
§1062. Partner's power to dissociate; wrongful dissociation
1. By express will. A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to section 1061, subsection 1.
[ 2005, c. 543, Pt. A, §2 (NEW) .]
2. Wrongful dissociation. A partner's dissociation is wrongful only if:
A. It is in breach of an express provision of the partnership agreement; or [2005, c. 543, Pt. A, §2 (NEW).]
B. In the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking:
(1) The partner withdraws by express will, unless the withdrawal follows within 90 days after another partner's dissociation by death or otherwise under section 1061, subsections 6 to 10 or wrongful dissociation under this subsection;
(2) The partner is expelled by judicial determination under section 1061, subsection 5;
(3) The partner is dissociated by becoming a debtor in bankruptcy; or
(4) In the case of a partner who is not an individual, trust other than a business trust or estate, the partner is expelled or otherwise dissociated because the partner willfully dissolved or terminated. [2005, c. 543, Pt. A, §2 (NEW).]
[ 2005, c. 543, Pt. A, §2 (NEW) .]
3. Liability for wrongful dissociation. A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.
[ 2005, c. 543, Pt. A, §2 (NEW) .]
SECTION HISTORY
2005, c. 543, §A2 (NEW).