§3253. Effect of partner's dissociation

Link to law: http://legislature.vermont.gov/statutes/section/11/022/03253
Published: 2015

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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

022

:
PARTNERSHIPS






Subchapter

006
:
PARTNER'S DISSOCIATION










 

§

3253. Effect of partner's dissociation

(a) If a

partner's dissociation results in a dissolution and winding up of the

partnership business, subchapter 8 of this chapter applies; otherwise,

subchapter 7 of this chapter applies.

(b) Upon a

partner's dissociation:

(1) the

partner's right to participate in the management and conduct of the partnership

business terminates, except as otherwise provided in section 3273 of this

title;

(2) the

partner's duty of loyalty under subdivision 3234(b)(3) of this title

terminates; and

(3) the

partner's duty of loyalty under subdivisions 3234(b)(1) and (2) of this title

and duty of care under subsection 3234(c) of this title 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 3273 of this title. (Added 1997, No. 149 (Adj. Sess.), § 1,

eff. Jan. 1, 1999.)
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