§ 8684. Power to bind partnership after dissolution.

217 words·~1 min read·/pa/title-15/chapter-86/8684

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

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

(1)is appropriate for winding up the partnership's activities and affairs; or

(2)would have bound the partnership under section 8642 (relating to general partner agent of limited 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 general partner.-- A person dissociated as a general partner binds a limited 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 general partner; and

(2)the act:

(i)is appropriate for winding up the partnership's activities and affairs; or

(ii)would have bound the partnership under section 8642 before dissolution and at the time the other party enters into the transaction, the other party does not know or have notice of the dissolution.

15c8684v

Cross References. Section 8684 is referred to in sections 8682, 8685 of this title.

15c8685s