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N.D. Cent. Code § 45-10.2-56

(602) Effect of dissociation as limited partner

Known as the North Dakota Uniform Limited Partnership Act

The act spans §§ 45–45 (119 sections).

1. Upon the dissociation of a person as a limited partner:

a. Subject to section 45-10.2-65, the person does not have further rights as a limited partner;

b. The obligation of a person for good faith and fair dealing as a limited partner under subsection 2 of section 45-10.2-35 continues only as to matters arising and events occurring before the dissociation; and c. Subject to section 45-10.2-65 and sections 45-10.2-94 through 45-10.2-106, any transferable interest owned by the person in the capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.

2. The dissociation of a person as a limited partner 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: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.