Effective – 28 Aug 1949 358.200. Duty of partners to render information. — Partners shall render on demand true and full information of all things affecting the partnership to any partner or the legal representative of any deceased partner or partner under legal disability. ——– (L. 1949 p. 506 § 20)
Effective – 28 Aug 1949 358.210. Partner accountable as a fiduciary. — 1. Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or […]
Effective – 28 Aug 1949 358.220. Right to an account. — Any partner shall have the right to a formal account as to partnership affairs: (1) If he is wrongfully excluded from the partnership business or possession of its property by his copartners; (2) If the right exists under the terms of any agreement; (3) […]
Effective – 28 Aug 1949 358.230. Continuation of partnership beyond fixed term. — 1. When a partnership for a fixed term or particular undertaking is continued after the termination of such term or particular undertaking without any express agreement, the rights and duties of the partners remain the same as they were at such termination, […]
Effective – 28 Aug 1949 358.240. Extent of property rights of a partner. — The property rights of a partner are his rights in specific partnership property, his interest in the partnership, and his right to participate in the management. ——– (L. 1949 p. 506 § 24)
Effective – 28 Aug 1949 358.250. Nature of a partner’s right in specific partnership property. — 1. A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership. 2. The incidents of this tenancy are such that: (1) A partner, subject to the provisions of this law and to […]
Effective – 28 Aug 1949 358.260. Nature of partner’s interest in the partnership. — A partner’s interest in the partnership is his share of the profits and surplus, and the same is personal property. ——– (L. 1949 p. 506 § 26)
Effective – 28 Aug 1949 358.270. Assignment of partner’s interest. — 1. A conveyance by a partner of his interest in the partnership does not of itself dissolve the partnership, nor, as against the other partners in the absence of agreement, entitle the assignee, during the continuance of the partnership, to interfere in the management […]
Effective – 28 Aug 1949 358.280. Partner’s interest subject to charging order. — 1. On due application to a competent court by any judgment creditor of a partner, the court which entered the judgment, order, or decree, or any other court, may charge the interest of the debtor partner with payment of the unsatisfied amount […]
Effective – 28 Aug 1949 358.290. Dissolution defined. — The “dissolution” of a partnership is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business. ——– (L. 1949 p. 506 § 29)
Effective – 28 Aug 1949 358.300. Partnership not terminated by dissolution. — On dissolution the partnership is not terminated but continues until the winding up of partnership affairs is completed. ——– (L. 1949 p. 506 § 30)
Effective – 28 Aug 1949 358.310. Causes of dissolution. — Dissolution is caused: (1) Without violation of the agreement between the partners, (a) By the termination of the definite term or particular undertaking specified in the agreement; (b) By the express will of any partner when no definite term or particular undertaking is specified; (c) […]
Effective – 28 Aug 1983 358.320. Dissolution by decree of court. — 1. On application by or for a partner the court shall decree a dissolution whenever: (1) A partner is shown to be mentally incapacitated; (2) A partner becomes in any other way incapable of performing his part of the partnership contract; (3) A […]
Effective – 28 Aug 1949 358.330. General effect of dissolution on authority of partner. — Except so far as may be necessary to wind up partnership affairs or to complete transactions begun but not then finished, dissolution terminates all authority of any partner to act for the partnership, (1) With respect to the partners, (a) […]
Effective – 28 Aug 1995 358.340. Right of partner to contribution from copartners after dissolution. — Where the dissolution is caused by the act, death or bankruptcy of a partner, each partner is liable to the partner’s copartners for the partner’s share of any liability created by any partner acting for the partnership as if […]
Effective – 28 Aug 1949 358.350. Power of partner to bind partnership to third persons after dissolution. — 1. After dissolution a partner can bind the partnership, except as provided in subsection 3, (1) By any act appropriate for winding up partnership affairs or completing transactions unfinished at dissolution; (2) By any transaction which would […]
Effective – 28 Aug 1995 358.360. Effect of dissolution of partner’s existing liability. — 1. The dissolution of the partnership does not of itself discharge the existing liability of any partner. 2. A partner is discharged from any existing liability upon dissolution of the partnership by an agreement to that effect between himself or herself, […]
Effective – 28 Aug 1949 358.370. Right to wind up. — Unless otherwise agreed the partners who have not wrongfully dissolved the partnership or the legal representative of the last surviving partner, not bankrupt, has the right to wind up the partnership affairs; provided, however, that any partner, his legal representative or his assignee, upon […]
Effective – 24 Jun 1997 358.371. Disposal of claims, notice of dissolution. — 1. A dissolved partnership may dispose of the known claims against it in accordance with this subsection and subsection 2 of this section. The dissolved partnership shall notify its known claimants in writing of the dissolution at any time after its effective […]
Effective – 28 Aug 1949 358.380. Rights of partners to application of partnership property. — 1. When dissolution is caused in any way, except in contravention of the partnership agreement, each partner, as against his copartners and all persons claiming through them in respect of their interests in the partnership, unless otherwise agreed, may have […]