§425E-804 - Power of general partner and person dissociated as general partner to bind partnership after dissolution. - Hawaii Statutes

     [§425E-804]  Power of general partner and person dissociated as general partner to bind partnership after dissolution.  (a)  A limited partnership shall be bound by a general partner's act after dissolution that:

     (1)  Is appropriate for winding up the limited partnership's activities; or

     (2)  Would have bound the limited partnership under section 425E-402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.

     (b)  A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:

     (1)  At the time the other party enters into the transaction:

         (A)  Less than two years has passed since the dissociation; and

         (B)  The other party does not have notice of the dissociation and reasonably believes that the person is a general partner; and

     (2)  The act:

         (A)  Is appropriate for winding up the limited partnership's activities; or

         (B)  Would have bound the limited partnership under section 425E-402 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution. [L 2003, c 210, pt of §1]