1995 Alaska Statutes
TITLE 32 PARTNERSHIP
Chapter 32.05. UNIFORM PARTNERSHIP ACT
Article 05 DISSOLUTION AND WINDING UP
Sec. 32.05.310. EFFECT OF DISSOLUTION ON PARTNER'S EXISTING LIABILITY.
Sec. 32.05.310. EFFECT OF DISSOLUTION ON PARTNER'S EXISTING LIABILITY.
(a) The dissolution of a partnership does not by itself discharge the existing liability of a partner.
(b) A partner is discharged from an existing liability upon dissolution of the partnership by an agreement to that effect between the partner, the partnership creditor and the person or partnership continuing the business. The agreement may be inferred from the course of dealing between the creditor who has knowledge of the dissolution and the person or partnership continuing the business.
(c) Where a person agrees to assume the existing obligations of a dissolved partnership, the partners whose obligations have been assumed are discharged from liability to a creditor of the partnership who, knowing of the agreement, consents to a material alteration in the nature or time of payment of the obligations.
(d) The individual property of a deceased partner is liable for all obligations of the partnership incurred while the decedent was a partner but subject to the prior payment of the decedent's separate debts.
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