2011 Kentucky Revised Statutes
Subchapter 1 Kentucky Revised Uniform Partnership Act (2006)
362.1.603 Effect of partner's dissociation.
KY Rev Stat § 362.1.603 (1996 through Reg Sess)
What's This?
Loading PDF...
<![CDATA[362.1-603 Effect of partner's dissociation.
(1)
(2)
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.
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.
]]>
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
