§54-500-602A. Effect of dissociation as limited partner.
157 words·~1 min read·
/ok/title-54-partnership/54-500-602a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
EFFECT OF DISSOCIATION AS LIMITED PARTNER.
(a)Upon a person’s dissociation as a limited partner:
(1)subject to Section 62 of this act, the person does not have further rights as a limited partner;
(2)the person’s obligation of good faith and fair dealing as a limited partner under subsection
(b)of Section 33 of this act continues only as to matters arising and events occurring before the dissociation; and
(3)subject to Section 62 of this act and Article 11 of this act, 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.
(b)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 which the person incurred while a limited partner. Added by Laws 2010, c. 384, § 53, eff. Jan. 1, 2011.