16-19-602. Effect of dissociation as limited partner.
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/ut/title-16/chapter-19/16-19-602A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 10/1/2026
16-19-602. Effect of dissociation as limited partner.
(1)If a person is dissociated as a limited partner:
(a)subject to Section 16-19-704 , the person does not have further rights as a limited partner;
(b)the person's contractual obligation of good faith and fair dealing as a limited partner under Subsection 16-19-305(1) ends with regard to matters arising and events occurring after the person's dissociation; and
(c)subject to Section 16-19-704 and Chapter 1a, Part 7, Merger, Chapter 1a, Part 8, Interest Exchange, Chapter 1a, Part 9, Conversion, or Chapter 1a, Part 10, Domestication, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person solely as a transferee.
(2)A person's dissociation as a limited partner does not of itself discharge the person from any debt, obligation, or other liability to the limited partnership or the other partners which the person incurred while a limited partner.
Renumbered and Amended by Chapter 93 , 2026 General Session