Maine Revised Statutes Title 31 Sec. 1372 – Effect of dissociation as limited partner
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1. Rights; obligations; interests. Upon a person‘s dissociation as a limited partner:
A. Subject to section 1384, the person does not have further rights as a limited partner; [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. The person’s obligation of good faith and fair dealing as a limited partner under section 1345, subsection 2 continues only as to matters arising and events occurring before the dissociation; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
C. Subject to section 1384 and subchapter 11, 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. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1372
- Limited partner: means :
A. See Maine Revised Statutes Title 31 Sec. 1302Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Partner: means a limited partner or general partner. See Maine Revised Statutes Title 31 Sec. 1302 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity. See Maine Revised Statutes Title 31 Sec. 1302 Transferable interest: means a partner's right to receive distributions. See Maine Revised Statutes Title 31 Sec. 1302 Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Maine Revised Statutes Title 31 Sec. 1302
2. Obligations to partnership and partners. A person’s dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners that the person incurred while a limited partner.
[PL 2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §C2 (NEW).