2006 Kentucky Revised Statutes - .603   Effect of partner\'s dissociation.

362.1-603 Effect of partner's dissociation. (1) If a partner's dissociation results in a dissolution and winding up of the partnership business, then KRS 362.1-801 to 362.1-807 apply; otherwise, KRS 362.1-701 to 362.1-705 apply. (2) Upon a partner's dissociation, the dissociating partner's: (a)  Right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in KRS 362.1-803; (b)  Duty of loyalty under KRS 362.1-404(2)(c) terminates; and (c)  Duty of loyalty under KRS 362.1-404(2)(a) and (b) and duty of care under KRS 362.1-404(3) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to KRS 362.1-803. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 48, effective July 12, 2006. Page 1 of 1