Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-803
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-803
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- County: means a county of the State or Baltimore City. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(a) After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership‘s business, but on application of any partner, partner’s legal representative, or transferee, the circuit court for the county in which the principal office of the partnership is located, for good cause shown, may order judicial supervision of the winding up.
(b) The legal representative of the last surviving partner may wind up a partnership’s business.
(c) A person winding up a partnership’s business may preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership’s business, dispose of and transfer the partnership’s property, discharge the partnership’s liabilities, distribute the assets of the partnership pursuant to § 9A-807 of this subtitle, settle disputes by mediation or arbitration, and perform other necessary acts.