48-1d-703. Effect of dissociation.
- (1) If a person’s dissociation results in a dissolution and winding up of the partnership’s activities and affairs, Part 9, Dissolution and Winding Up, applies, otherwise, Part 8, Partner’s Dissociation When Business Not Wound Up, applies.
- (2) If a person is dissociated as a partner:
- (a) the person’s right to participate in the management and conduct of the partnership’s activities and affairs terminates, except as otherwise provided in Subsection 48-1d-902(3); and
- (b) the person’s duties and obligations under Section 48-1d-405:
- (i) end with regard to matters arising and events occurring after the person’s dissociation; and
- (ii) continue only with regard to matters arising and events occurring before the person’s dissociation, unless the partner participates in winding up the partnership’s activities and affairs pursuant to Section 48-1d-902.
- (3) A person’s dissociation does not of itself discharge the person from a debt, obligation, or other liability to the partnership or the other partners which the person incurred while a partner.
Enacted by Chapter 412, 2013 General Session