2019 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 8 - General Partnerships.
Article 6 - Partner's Dissociation.
Section 10A-8-6.03 - Effect of partner's dissociation.
REPEALED IN THE 2018 REGULAR SESSION BY ACT 2018-125 EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.
(b) Upon a partner's dissociation:
(1) the partner's right to participate in the management and conduct of the partnership business terminates, except as provided in Section 10A-8-8.03;
(2) the partner's duty of loyalty under Section 10A-8-4.04(b)(3) terminates; and
(3) the partner's duty of loyalty under Section 10A-8-4.04(b)(1) and (2) and duty of care under Section 10A-8-4.04(c) 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 Section 10A-8-8.03.(Acts 1996, No. 96-528, p. 685, §1; §10-8A-603; amended and renumbered by Act 2009-513, p. 967, §258.)