§1073. Dissociated partner's liability to other persons
1.
Liability for partnership obligation.
A partner's dissociation does not of itself discharge the partner's liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection 2.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
2.
Liability to other party.
A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to the other party in a transaction entered into by the partnership, or a surviving partnership under subchapter 9, within 2 years after the partner's dissociation, only if the partner is liable for the obligation under section 1034 and at the time of entering into the transaction the other party:
A.
Reasonably believed that the dissociated partner was then a partner;
[PL 2005, c. 543, Pt. A, §2 (NEW).]
B.
Did not have notice of the partner's dissociation; and
[PL 2005, c. 543, Pt. A, §2 (NEW).]
C.
Is not deemed to have had notice under section 1074, subsection 2.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
3.
Released from liability for partnership obligation by agreement.
By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
4.
Released from liability for partnership obligation because of material alteration.
A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice of the partner's dissociation but without the partner's consent, agrees to a material alteration in the nature or time of payment of a partnership obligation.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).