Section 10-9B-602 Withdrawal of general partner. - Alabama Statutes

Section 10-9B-602

Withdrawal of general partner.

REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

(a) A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general partner damages for breach of the partnership agreement and offset the damages against the amounts otherwise distributable or payable to him or her.

(b) The withdrawal of a general partner from a limited partnership does not release him or her from liability under Section 10-9B-502 or from any liability under Section 10-9B-207.

(Act 97-921, 1st Ex. Sess., p. 335, §1.)