620.8603 Effect of partner’s dissociation. - Florida Statutes

620.8603 Effect of partner’s dissociation.

   (1) If a partner’s dissociation results in a dissolution and winding up of the partnership business, ss. 620.8801-620.8807 apply; otherwise, ss. 620.8701-620.8705 apply.

   (2) Upon a partner’s dissociation:

   (a) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in s. 620.8803;

   (b) The partner’s duty of loyalty under s. 620.8404(2)(c) terminates; and

   (c) The partner’s duty of loyalty under s. 620.8404(2)(a) and (b) and duty of care under s. 620.8404(3) 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 s. 620.8803.

History. s. 13, ch. 95-242.