2017 Arizona Revised Statutes
Title 29 - Partnership
§ 29-1053 Effect of partner's dissociation

Universal Citation: AZ Rev Stat § 29-1053 (2017)

29-1053. Effect of partner's dissociation

A. If a partner's dissociation results in a dissolution and winding up of the partnership business, article 8 of this chapter applies. Otherwise, article 7 of this chapter applies.

B. On a partner's dissociation:

1. The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 29-1073.

2. The partner's duty of loyalty under section 29-1034, subsection B, paragraph 3 terminates.

3. The partner's duty of loyalty under section 29-1034, subsection B, paragraphs 1 and 2 and duty of care under section 29-1034, subsection 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 29-1073 in which event those duties continue as to all matters arising and events occurring during the winding up.

Disclaimer: These codes may not be the most recent version. Arizona 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.