620.8702 Dissociated partner’s power to bind and liability to partnership.—
(1) For 1 year after a partner dissociates without resulting in a dissolution and winding up of the partnership business, the partnership, including a surviving partnership under ss. 620.8911-620.8923, is bound by an act of the dissociated partner which would have bound the partnership under s. 620.8301 before dissociation only if, at the time of entering into the transaction, the other party:
(a) Reasonably believed that the dissociated partner was then a partner;
(b) Did not have notice of the partner’s dissociation; and
(c) Is not deemed to have had knowledge under s. 620.8303(4) or notice under s. 620.8704(4).
(2) A dissociated partner is liable to the partnership for any damage caused to the partnership arising from an obligation incurred by the dissociated partner after dissociation for which the partnership is liable under subsection (1).
History.—s. 13, ch. 95-242; s. 12, ch. 99-285; s. 80, ch. 2006-1.
Section: Previous 620.8502 620.8503 620.8504 620.8601 620.8602 620.8603 620.8701 620.8702 620.8703 620.8704 620.8705 620.8801 620.8802 620.8803 620.8804 NextLast modified: September 23, 2016