2013 Maine Revised Statutes
TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 17: UNIFORM PARTNERSHIP ACT
31 §1063. Effect of partner's dissociation
Subchapter 6: PARTNER'S DISSOCIATION HEADING: PL 2005, C. 543, PT. A, §2 (NEW)
1063. Effect of partner's dissociation
1. Appreciation of law. If a partner's dissociation results in a dissolution and winding up of the partnership business, subchapter 8 applies; otherwise, subchapter 7 applies.
[ 2005, c. 543, Pt. A, 2 (NEW) .]
2. Internal effects of partner's dissociation. Upon a partner's dissociation:
A. The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 1083; [2005, c. 543, Pt. A, 2 (NEW).]
B. The partner's duty of loyalty under section 1044, subsection 2, paragraph C terminates; and [2005, c. 543, Pt. A, 2 (NEW).]
C. The partner's duty of loyalty under section 1044, subsection 2, paragraphs A and B and duty of care under section 1044, subsection 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 section 1083. [2005, c. 543, Pt. A, 2 (NEW).]
[ 2005, c. 543, Pt. A, 2 (NEW) .]
SECTION HISTORY
2005, c. 543, A2 (NEW).
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