Except insofar as is necessary to wind up partnership affairs or to complete transactions begun but not then finished, dissolution terminates all authority of any partner to act for the partnership:

(1)  Regarding the partners:

(i)  When the dissolution is not by the act, bankruptcy, or death of a partner; or

(ii)  When the dissolution is by the act, bankruptcy, or death of a partner, in cases where § 7-12-45 so requires.

(2)  With respect to persons not partners, as declared in § 7-12-46.

History of Section.
R.P.L. 1957, ch. 74, § 33.

Terms Used In Rhode Island General Laws 7-12-44

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.

§ 7-12-44. [Repealed effective January 1, 2023.]

History of Section.
R.P.L. 1957, ch. 74, § 33; repealed by P.L. 2022, ch. 123, § 1, effective January 1, 2023; repealed by P.L. 2022, ch. 124, § 1, effective January 1, 2023.