620.1604 Person’s power to dissociate as general partner; wrongful dissociation.—
(1) A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to s. 620.1603(1).
(2) A person’s dissociation as a general partner is wrongful only if:
(a) It is in breach of an express provision of the partnership agreement; or
(b) It occurs before the termination of the limited partnership, and:
1. The person withdraws as a general partner by express will;
2. The person is expelled as a general partner by judicial determination under s. 620.1603(5);
3. The person is dissociated as a general partner by becoming a debtor in bankruptcy; or
4. In the case of a person that is not an individual, trust other than a business trust, or estate, the person is expelled or otherwise dissociated as a general partner because it willfully dissolved or terminated.
(3) A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to s. 620.2001, to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the general partner to the limited partnership or to the other partners.
History.—s. 17, ch. 2005-267.
Section: Previous 620.1506 620.1507 620.1508 620.1509 620.1601 620.1602 620.1603 620.1604 620.1605 620.1606 620.1607 620.1701 620.1702 620.1703 620.1704 NextLast modified: September 23, 2016