New Hampshire Revised Statutes 304-A:34 – Right of Partner to Contribution From Co-Partners After Dissolution
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Where the dissolution is caused by the act, death or bankruptcy of a partner, each partner is liable to the co-partners for such partner’s share of any liability created by any partner acting for the partnership as if the partnership had not been dissolved unless:
I. The dissolution being by act of any partner, the partner acting for the partnership had knowledge of the dissolution,
II. The dissolution being by the death or bankruptcy of a partner, the partner acting for the partnership had knowledge or notice of the death or bankruptcy, or
III. The liability is for a debt, obligation or liability for which the partner is not liable as provided in N.H. Rev. Stat. § 304-A:15, II.
I. The dissolution being by act of any partner, the partner acting for the partnership had knowledge of the dissolution,
Terms Used In New Hampshire Revised Statutes 304-A:34
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Obligation: 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.
- 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.
II. The dissolution being by the death or bankruptcy of a partner, the partner acting for the partnership had knowledge or notice of the death or bankruptcy, or
III. The liability is for a debt, obligation or liability for which the partner is not liable as provided in N.H. Rev. Stat. § 304-A:15, II.