2013 Maryland Code
§ 9A-603 - Effect of partner's dissociation

MD Corp & Assn Code § 9A-603 (2013) What's This?

(a) Laws applicable. -- If a partner's dissociation results in a dissolution and winding up of the partnership business, Subtitle 8 of this title applies; otherwise, Subtitle 7 of this title applies.

(b) Rights and duties. -- Upon 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 § 9A-803 of this title;

(2) The partner's duty of loyalty under § 9A-404(b)(3) of this title terminates; and

(3) The partner's duty of loyalty under § 9A-404(b)(1) and (2) of this title and duty of care under § 9A-404(c) of this title 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 § 9A-803 of this title.

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