§ 8484. Power to bind partnership after dissolution.

204 words·~1 min read·/pa/title-15/chapter-84/8484

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

(a)Power of partner.-- A partnership is bound by a partner's act after dissolution which:

(1)is appropriate for winding up the partnership business; or

(2)would have bound the partnership under section 8431 (relating to partner agent of partnership) before dissolution if, at the time the other party enters into the transaction, the other party does not know or have notice of the dissolution.

(b)Power of person dissociated as partner.-- A person dissociated as a partner binds a partnership through an act occurring after dissolution if:

(1)at the time the other party enters into the transaction:

(i)less than two years have passed since the dissociation; and

(ii)the other party does not know or have notice of the dissociation and reasonably believes that the person is a partner; and

(2)the act:

(i)is appropriate for winding up the partnership's business; or

(ii)would have bound the partnership under section 8431 before dissolution and the other party does not know or have notice of the dissolution at the time the other party enters into the transaction.

15c8484v

Cross References. Section 8484 is referred to in sections 8482, 8485 of this title.

15c8485s