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KRS 362.2-602

Effect of dissociation as limited partner

Known as the Kentucky Uniform Limited Partnership Act

The act spans §§ 362–362 (140 sections).

Effective: July 12, 2006 History: Created 2006 Ky

Upon a person's dissociation as a limited partner:

(1) Subject to KRS 362.2-704, the person does not have further rights as a limited partner;

(2) The person's obligation of good faith and fair dealing as a limited partner under KRS 362.2-305(2) continues only as to matters arising and events occurring before the dissociation;

(3) Subject to KRS 362.2-704 and 362.2-951 to 362.2-963, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee; and (4) The dissociation does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.

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