2006 Nebraska Revised Statutes - § 67-433 — Effect of partner\'s dissociation.
Section 67-433Effect of partner's dissociation.
(1) If a partner's dissociation results in a dissolution and winding up of the partnership business, sections 67-439 to 67-445 apply; otherwise, sections 67-434 to 67-438 apply.
(2) 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 67-441;
(b) The partner's duty of loyalty under subdivision (2)(c) of section 67-424 terminates; and
(c) The partner's duty of loyalty under subdivisions (2)(a) and (2)(b) of section 67-424 and duty of care under subsection (3) of section 67-424 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 67-441.
Source:
- Laws 1997, LB 523, § 33
~Reissue Revised Statutes of Nebraska
Disclaimer: These codes may not be the most recent version. Nebraska 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.