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KRS 362.1-603

Effect of partner's dissociation

Known as the Kentucky Revised Uniform Partnership Act

The act spans §§ 362.1-1001 to 362.1-975 (90 sections).

Effective: July 12, 2006 History: Created 2006 Ky

(1) If a partner's dissociation results in a dissolution and winding up of the partnership business, then KRS 362.1-801 to 362.1-807 apply; otherwise, KRS 362.1-701 to 362.1-705 apply.

(2) Upon a partner's dissociation, the dissociating partner's:

(a) Right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in KRS 362.1-803;

(b) Duty of loyalty under KRS 362.1-404(2)(c) terminates; and (c) Duty of loyalty under KRS 362.1-404(2)(a) and (b) and duty of care under KRS 362.1-404(3) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to KRS 362.1-803.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.