§ 7-12.1-602. Power to dissociate as partner — Wrongful dissociation.
(a) A person has the power to dissociate as a partner at any time, rightfully or wrongfully, by withdrawing as a partner by express will under § 7-12.1-601(1).
(b) A person’s dissociation as a partner is wrongful only if the dissociation:
(1) Is in breach of an express provision of the partnership agreement; or
(2) In the case of a partnership for a definite term or particular undertaking, occurs before the expiration of the term or the completion of the undertaking and:
(i) The person withdraws as a partner by express will, unless the withdrawal follows not later than ninety (90) days after another person’s dissociation by death or otherwise under § 7-12.1-601(6) through (10) or wrongful dissociation under this subsection;
(ii) The person is expelled as a partner by judicial order under § 7-12.1-601(5);
(iii) The person is dissociated under § 7-12.1-601(6); or
(iv) In the case of a person that is not a trust other than a business trust, an estate, or an individual, the person is expelled or otherwise dissociated because it willfully dissolved or terminated.
(c) A person that wrongfully dissociates as a partner is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any debt, obligation, or other liability of the partner to the partnership or the other partners.
History of Section.
P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective
January 1, 2023.