48-7A-603. Effect of partner's dissociation.
128 words·~1 min read·
/sd/title-48/chapter-48-7/48-7a-603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.
(b)Upon a partner's dissociation:
(1)The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 48 - 7A - 803;
(2)The partner's duty of loyalty under subsection 48 - 7A - 404(b)(3) terminates; and
(3)The partner's duty of loyalty under subsections 48 - 7A - 404(b)(1) and
(2)and duty of care under subsection 48 - 7A - 404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 48 - 7A - 803.