§425-132 Effect of partner's dissociation.
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§425-132 Effect of partner's dissociation.
(a)If a partner's dissociation results in a dissolution and winding up of the partnership business, sections 425-138 to 425-144 apply; otherwise, sections 425-133 to 425-137 apply.
(b)Upon 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 425-140;
(2)The partner's duty of loyalty under section 425-123(b)(3) terminates; and
(3)The partner's duty of loyalty under section 425-123(b)(1) and
(2)and duty of care under section 425-123(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 425-140. [L 1999, c 284, pt of §1]