2011 California Code
Corporations Code
TITLE 2. PARTNERSHIPS [15800 - 15912.07]
ARTICLE 6. Dissociation
Section 15906.02
(a) Upon a person s dissociation as a limited partner:
(1) subject to Section 15907.04, the person does not have further rights as a limited partner;
(2) the person s obligation of good faith and fair dealing as a limited partner under subdivision (b) of Section 15903.05 continues only as to matters arising and events occurring before the dissociation; and
(3) subject to Section 15907.04 and Article 11 (commencing with Section 15911.01), any transferable interest owned by the person in the person s capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.
(b) A person s dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.
(Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Operative January 1, 2008, by Section 15912.04.)
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