Effective January 1, 2010, Chapter 1775 is repealed and no longer governs partnerships. 2008 HB332.
(A) The dissolution of the partnership does not of itself discharge the existing liability of any partner.
(B) A partner is discharged from any existing liability upon dissolution of the partnership by an agreement to that effect between the partner, the partnership creditor, and the person or partnership continuing the business. Such agreement may be inferred from the course of dealing between the creditor having knowledge of the dissolution and the person or partnership continuing the business.
(C) Where a person agrees to assume the existing obligations of a dissolved partnership, the partners whose obligations have been assumed shall be discharged from any liability to any creditor of the partnership who, knowing of the agreement, consents to a material alteration in the nature or time of payment of such obligation.
(D) Subject to division (B) of section 1775.14 of the Revised Code, the individual property of a deceased partner shall be liable for all obligations of the partnership incurred while the decedent was a partner but subject to the prior payment of the decedent's separate debts.
Effective Date: 10-04-1996; 2008 HB332 01-01-2010Section: Previous 1775.28 1775.29 1775.30 1775.31 1775.32 1775.33 1775.34 1775.35 1775.36 1775.37 1775.38 1775.39 1775.40 1775.41 1775.42 Next
Last modified: October 10, 2016