There Is a Newer Version
of
the Utah Code
2011 Utah Code
Title 48 Partnership
Chapter 2d Utah Uniform Limited Partnership Act
Section 602 (Effective 07/01/12) Effect of dissociation as limited partner.
48-2d-602 (Effective 07/01/12). Effect of dissociation as limited partner.
(1) Upon a person's dissociation as a limited partner:
(a) subject to Section 48-2d-704, the person does not have further rights as a limited partner;
(b) the person's obligation of good faith and fair dealing as a limited partner under Subsection 48-2d-305(2) continues only as to matters arising and events occurring before the dissociation; and
(c) subject to Section 48-2d-704 and Part 11, Merger, Conversion, and Domestication, 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.
(2) 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.
(1) Upon a person's dissociation as a limited partner:
(a) subject to Section 48-2d-704, the person does not have further rights as a limited partner;
(b) the person's obligation of good faith and fair dealing as a limited partner under Subsection 48-2d-305(2) continues only as to matters arising and events occurring before the dissociation; and
(c) subject to Section 48-2d-704 and Part 11, Merger, Conversion, and Domestication, 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.
(2) 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.
Disclaimer: These codes may not be the most recent version. Utah 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.
