Montana Code 35-10-618. Effect of partner’s dissociation
35-10-618. Effect of partner’s dissociation. (1) If a partner’s dissociation results in a dissolution and winding up of the partnership business, 35-10-602, 35-10-609, and 35-10-624 through 35-10-629 apply; otherwise 35-10-619 through 35-10-623 apply.
Terms Used In Montana Code 35-10-618
- 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.
(2)Upon a partner’s dissociation:
(a)the partner’s right to participate in the management and conduct of the partnership business terminates, except as provided in 35-10-609;
(b)the partner’s duty of loyalty under 35-10-405(2)(c) terminates; and
(c)the partner’s duty of loyalty under 35-10-405(2)(a) and (2)(b) and duty of care under 35-10-405(4) continue only with regard to matters arising or events occurring before the dissociation.