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Code · Montana · Title 35 — Corporations, Partnerships, and Associations · Chapter 12 · Part 10

35-12-1017. Effect of dissociation as limited partner.

135 words·~1 min read·/mt/title-35/chapter-12/part-10/35-12-1017·

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

35-12-1017 . Effect of dissociation as limited partner.
(1)Upon a person's dissociation as a limited partner:
(a)subject to 35-12-1105 , the person does not have further rights as a limited partner;
(b)the person's obligation of good faith and fair dealing as a limited partner under 35-12-707
(2)continues only as to matters arising and events occurring before the dissociation; and
(c)subject to 35-12-1105 and Title 35, chapter 12, part 15, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.
(2)A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners that the person incurred while a limited partner.
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