Washington Code 25.10.526 – Person’s power to dissociate as general partner — Wrongful dissociation
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(1) A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to RCW 25.10.521(1).
Terms Used In Washington Code 25.10.526
- 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.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(2) A person’s dissociation as a general partner is wrongful only if:
(a) It is in breach of an express provision of the partnership agreement; or
(b) It occurs before the termination of the limited partnership, and:
(i) The person withdraws as a general partner by express will;
(ii) The person is expelled as a general partner by judicial determination under RCW 25.10.521(5);
(iii) The person is dissociated as a general partner as a result of an event described in RCW 25.10.521(6); or
(iv) In the case of a person that is not an individual, trust other than a business trust, or estate, the person is expelled or otherwise dissociated as a general partner because it willfully dissolved or terminated.
(3) A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to RCW 25.10.701, to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the general partner to the limited partnership or to the other partners.
[ 2009 c 188 § 604.]