[§425E-604] Person's power to dissociate as a general partner; wrongful dissociation. (a) A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to section 425E-603(1).
(b) A person's dissociation as a general partner is wrongful only if:
(1) It is in breach of an express provision of the partnership agreement; or
(2) It occurs before the termination of the limited partnership, and:
(A) The person withdraws as a general partner by express will;
(B) The person is expelled as a general partner by judicial determination under section 425E-603(5);
(C) The person is dissociated as a general partner by becoming a debtor in bankruptcy; or
(D) 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 wilfully dissolved or terminated.
(c) A person that wrongfully dissociates as a general partner shall be liable to the limited partnership and, subject to section 425E-1001, to the other partners for damages caused by the dissociation. The liability shall be in addition to any other obligation of the general partner to the limited partnership or to the other partners. [L 2003, c 210, pt of §1]
Section: Previous 425e-506 425e-507 425e-508 425e-509 425e-601 425e-602 425e-603 425e-604 425e-605 425e-606 425e-607 425e-701 425e-702 425e-703 425e-704 NextLast modified: October 27, 2016