§425E-602 - Effect of dissociation as a limited partner. - Hawaii Statutes

     [§425E-602]  Effect of dissociation as a limited partner.  (a)  Upon a person's dissociation as a limited partner:

     (1)  Subject to section 425E-704, the person shall not have further rights as a limited partner;

     (2)  The person's obligation of good faith and fair dealing as a limited partner under section 425E-305(b) continues only as to matters arising and events occurring before the dissociation; and

     (3)  Subject to section 425E-704 and article 11, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation shall be owned by the person as a mere transferee.

     (b)  A person's dissociation as a limited partner shall not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner. [L 2003, c 210, pt of §1]