29-1053. Effect of partner's dissociation
141 words·~1 min read·
/az/title-29/29-1053A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. If a partner's dissociation results in a dissolution and winding up of the partnership business, article 8 of this chapter applies. Otherwise, article 7 of this chapter applies.
B. On a partner's dissociation:
1. The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 29-1073.
2. The partner's duty of loyalty under section 29-1034, subsection B, paragraph 3 terminates.
3. The partner's duty of loyalty under section 29-1034, subsection B, paragraphs 1 and 2 and duty of care under section 29-1034, subsection C continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to section 29-1073 in which event those duties continue as to all matters arising and events occurring during the winding up.