56a-702. Dissociated partner's power to bind and liability to partnership. - Kansas Statutes

56a-702

Chapter 56a.--KANSAS UNIFORM PARTNERSHIP ACT Article 7.--PARTNER'S DISSOCIATION WHEN BUSINESS NOT WOUND UP

      56a-702.   Dissociated partner's power to bind andliability to partnership.(a) For two years after a partner dissociateswithout resulting in a dissolution and winding up of thepartnership business, the partnership, including a survivingpartnership under article 9, is bound by an act of thedissociated partner which would have bound the partnership underK.S.A. 56a-301 before dissociation only if at the time of enteringinto the transaction the other party:

      (1)   Reasonably believed that the dissociated partnerwas then a partner;

      (2)   did not have notice of the partner'sdissociation; and

      (3)   is not deemed to have had knowledge undersubsection (e) of K.S.A. 56a-303 or notice under subsection (c) ofK.S.A. 56a-704.

      (b)   A dissociated partner is liable to the partnershipfor any damage caused to the partnership arising from an obligationincurred by the dissociated partner after dissociation for whichthe partnership is liable under subsection (a).

      History:   L. 1998, ch. 93, § 34; Jan. 1, 1999.