620.8703 Dissociated partner’s liability to other persons.—
(1) A partner’s dissociation does not, by itself, discharge the partner’s liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection (2).
(2) A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to any other party to a transaction entered into by the partnership, or a surviving partnership under ss. 620.8911-620.8923, within 1 year after the partner’s dissociation only if the partner is liable for the obligation under s. 620.8306 and, 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).
(3) By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.
(4) A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice of the partner’s dissociation but without the partner’s consent, agrees to a material alteration in the nature or time of payment of a partnership obligation.
History.—s. 13, ch. 95-242; s. 13, ch. 99-285; s. 81, ch. 2006-1.
Section: Previous 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 620.8805 NextLast modified: September 23, 2016