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Idaho Code § 30-23-803

Rescinding dissolution

Known as the Idaho Uniform Partnership Act

The act spans §§ 30–30 (63 sections).

I.C., § 30-23 -803, as added by 2015, ch. 243, § 30, p. 758; am. 2020, ch. 82, § 28, p. 174.

(1) A partnership may rescind its dissolution, unless a statement of termination applicable to the partnership is effective or the district court has entered an order under section 30-23-801(4) or (5), Idaho Code, dissolving the partnership.

(2) Rescinding dissolution under this section requires: The affirmative vote or consent of each partner;

(3) If the partnership has delivered to the secretary of state for filing a statement of dissolution and: The statement of dissolution has not become effective, delivery to the secretary of state for filing of a statement of withdrawal under section 30-21-204, Idaho Code, applicable to the statement of dissolution; or

(4) If a statement of dissolution applicable to the partnership is effective, the delivery to the secretary of state for filing of a statement of recession stating the name of the partnership and that dissolution has been rescinded under this section.

(5) If a partnership rescinds its dissolution: The partnership resumes carrying on its business as if dissolution had never occurred;

(6) Subject to paragraph (3) of this subsection, any liability incurred by the partnership after the dissolution and before the rescission is effective is determined as if dissolution had never occurred; and

(7) The rights of a third party arising out of conduct in reliance on the dissolution before the third party knew or had notice of the rescission may not be adversely affected.

Current official text: Idaho Statutes (Idaho Legislature). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Idaho statutes; confirm against the official source for the current text. Not legal advice.