362.325 Effect of dissolution on partner's existing liability.

172 words·~1 min read·/ky/chapter-362/362-325

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The dissolution of the partnership shall not of itself discharge the existing liability

of any partner.

(2)A partner shall be discharged from any existing liability upon dissolution of the

partnership by an agreement to that effect between himself, the partnership creditor,

and the person or partnership continuing the business; and the agreement may be

inferred from the course of dealing between the creditor having knowledge of the

dissolution and the person or partnership continuing the business.

(3)If a person agrees to assume the existing obligations of a dissolved partnership, the

partners whose obligations have been assumed shall be discharged from any

liability to any creditor of the partnership who, knowing of the agreement, consents

to a material alteration in the nature or time of payment of the obligations.

(4)The individual property of a deceased partner shall be liable for obligations of the

partnership incurred while he was a partner and for which he was liable under KRS

362.220 but subject to the prior payment of his separate debts.