New Mexico Statutes > Chapter 54 > Article 8 – Winding Up Partnership Business.


§ 54-1A-801	Events causing dissolution and winding up of partnership business
§ 54-1A-802	Partnership continues after dissolution
§ 54-1A-803	Right to wind up partnership business
§ 54-1A-804	Partner’s power to bind partnership after dissolution
§ 54-1A-805	Statement of dissolution
§ 54-1A-806	Partner’s liability to other partners after dissolution
§ 54-1A-807	Settlement of accounts and contributions among partners

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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.
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.


§ 54-2A-801	Nonjudicial dissolution
§ 54-2A-802	Judicial dissolution
§ 54-2A-803	Winding up
§ 54-2A-804	Power of general partner and person dissociated as general partner to bind partnership after dissolution
§ 54-2A-805	Liability after dissolution of general partner and person dissociated as general partner to limited partnership, other general partners and persons dissociated as general partner
§ 54-2A-806	Known claims against dissolved limited partnership
§ 54-2A-807	Other claims against dissolved limited partnership
§ 54-2A-808	Liability of general partner and person dissociated as general partner when claim against limited partnership barred
§ 54-2A-809	Disposition of assets; when contributions required

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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.
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.

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