New Mexico Statutes 54-1A-804. Partner’s power to bind partnership after dissolution
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Subject to Section 805 [54-1A-805 N.M. Stat. Ann.], a partnership is bound by a partner’s act after dissolution that:
Terms Used In New Mexico Statutes 54-1A-804
- 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.
(1) is appropriate for winding up the partnership business; or
(2) would have bound the partnership under Section 301 [54-1A-301 N.M. Stat. Ann.] before dissolution, if the other party to the transaction did not have notice of the dissolution.