Maine Revised Statutes Title 31 Sec. 1063 – Effect of partner’s dissociation
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1. Appreciation of law. If a partner’s dissociation results in a dissolution and winding up of the partnership business, subchapter 8 applies; otherwise, subchapter 7 applies.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1063
- Business: includes every trade, occupation and profession. See Maine Revised Statutes Title 31 Sec. 1001
- Partnership: means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001
- 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. Internal effects of partner’s dissociation. Upon a partner’s dissociation:
A. The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 1083; [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. The partner’s duty of loyalty under section 1044, subsection 2, paragraph C terminates; and [PL 2005, c. 543, Pt. A, §2 (NEW).]
C. The partner’s duty of loyalty under section 1044, subsection 2, paragraphs A and B and duty of care under section 1044, subsection 3 continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to section 1083. [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).