(1) A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to ORS 67.220 (1).
(2) A partner’s dissociation is wrongful only if:
(a) The dissociation is in breach of an express provision of the partnership agreement; or
(b) In the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking:
(A) The partner withdraws by express will, unless the withdrawal follows within 90 days after another partner’s dissociation under ORS 67.220 (3) to (10) or wrongful dissociation under this subsection;
(B) The partner is expelled by judicial determination under ORS 67.220 (5);
(C) The partner is dissociated by becoming a debtor in bankruptcy; or
(D) In the case of a partner who is not an individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.
(3) A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners. [1997 c.775 §28]
Section: Previous 67.160 67.165 67.190 67.195 67.200 67.205 67.220 67.225 67.230 67.250 67.255 67.260 67.265 67.290 67.295 NextLast modified: August 7, 2008