449.34 Dissolution; liability of partner.
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449.34 Dissolution; liability of partner.
Sec. 34.
(Right of partner to contribution from copartners after dissolution). Except as otherwise provided by section 46, if dissolution is caused by the act, death, or bankruptcy of a partner, each partner is liable to his or her copartners for his or her share of any liability created by any partner acting for the partnership as if the partnership had not been dissolved unless this dissolution is caused by 1 of the following:
(a)The dissolution being by act of any partner and the partner acting for the partnership had knowledge of the dissolution.
(b)The dissolution being by the death or bankruptcy of a partner and the partner acting for the partnership had knowledge or notice of the death or bankruptcy.
History: 1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9874 ;-- CL 1948, 449.34 ;-- Am. 1994, Act 323, Imd. Eff. Oct. 12, 1994