General effect of dissolution on authority of partner
Known as the North Carolina Uniform Partnership Act
The act spans §§ 59–59 (46 sections).
Applied in 1 court decision — leading case Simmons v. Quick-Stop Food Mart, Inc. (1982)
Most recently applied in Simmons v. Quick-Stop Food Mart, Inc. (November 1982)
1941, c. 374, s. 33.
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. When the dissolution is not by the act, bankruptcy or death of a partner; or
b. When the dissolution is by such act, bankruptcy or death of a partner, in cases where G.S. 59-64 so requires,
(2) With respect to persons not partners, as declared in G.S. 59-65.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.