§425-132 - Effect of partner's dissociation. - Hawaii Statutes

     §425-132  Effect of partner's dissociation.  (a)  If a partner's dissociation results in a dissolution and winding up of the partnership business, sections 425-138 to 425-144 apply; otherwise, sections 425-133 to 425-137 apply.

     (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 425-140;

     (2)  The partner's duty of loyalty under section 425-123(b)(3) terminates; and

     (3)  The partner's duty of loyalty under section 425-123(b)(1) and (2) and duty of care under section 425-123(c) 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 425-140. [L 1999, c 284, pt of §1]