56a-603. Effect of partner's dissociation. - Kansas Statutes

56a-603

Chapter 56a.--KANSAS UNIFORM PARTNERSHIP ACT Article 6.--PARTNER'S DISSOCIATION

      56a-603.   Effect of partner's dissociation.(a) If a partner's dissociation results in adissolution and winding up of the partnership business, article8 applies; otherwise, article 7 applies.

      (b)   Upon a partner's dissociation:

      (1)   The partner's right to participate in themanagement and conduct of the partnership business terminates,except as otherwise provided inK.S.A. 56a-803;

      (2)   the partner's duty of loyalty under subsection (b)(3) ofK.S.A. 56a-404 terminates; and

      (3)   the partner's duty of loyalty under subsection (b)(1) and (2) of K.S.A.56a-404 and duty of care under subsection (c) ofK.S.A. 56a-404 continueonly with regard to matters arising and events occurring before thepartner's dissociation, unless the partner participates in windingup the partnership's business pursuant toK.S.A. 56a-803.

      History:   L. 1998, ch. 93, § 32; Jan. 1, 1999.