2006 Nebraska Revised Statutes - § 67-332 — Dissolution by decree; grounds.

Section 67-332
Dissolution by decree; grounds.

(1) On application by or for a partner, the court shall decree a dissolution whenever:

(a) A partner has been declared mentally incompetent in any judicial proceedings or is shown to be of unsound mind;

(b) A partner becomes in any other way incapable of performing his or her part of the partnership contract;

(c) A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business;

(d) A partner willfully or persistently commits a breach of the partnership agreement or otherwise so conducts himself or herself in matters relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with him or her;

(e) The business of the partnership can only be carried on at a loss; or

(f) Other circumstances render a dissolution equitable.

(2) On the application of the purchaser of a partner's interest under sections 67-327 and 67-328, an order of dissolution shall be decreed:

(a) After the termination of the specified term or particular undertaking; or

(b) At any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.

Source:

Laws 1943, c. 143, § 32, p. 497

R.S.1943, § 67-332

Laws 1947, c. 217, § 2, p. 704

Laws 1986, LB 1177, § 26

Termination date January 1, 2001

Annotations:

A partnership may not be dissolved by decree of court except on grounds set forth in this section. Riley v. Riley, 150 Neb. 176, 33 N.W.2d 525 (1948).

~Reissue Revised Statutes of Nebraska