Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-602
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-602
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.
(b) A partner’s dissociation is wrongful only if:
(1) It is in breach of an express provision of the partnership agreement; or
(2) In the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking:
(i) The partner withdraws by express will, unless the withdrawal follows within 90 days after another partner’s dissociation under § 9A-601(6) through (10) of this subtitle or wrongful dissociation under this subsection;
(ii) The partner is expelled by judicial determination under § 9A-601(5) of this subtitle;
(iii) The partner is dissociated by reason of an event under § 9A-601 of this subtitle; or
(iv) In the case of a partner who is not an individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.
(c) A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.