Section 10-603 - Withdrawal of limited partner. - Maryland Statutes

§ 10-603. Withdrawal of limited partner.
 

(a)  When specified by agreement.- A limited partner may withdraw from a limited partnership at the time or on the happening of events specified in the partnership agreement. If the partnership agreement does not specify the time or the events on the occurrence of which a limited partner may withdraw, a limited partner may not withdraw before the dissolution and winding up of the limited partnership. 

(b)  When not specified by agreement.- A limited partner may withdraw on not less than 6 months' prior written notice to each general partner at the general partner's address on the books of the limited partnership if the following conditions are met: 

(1) The limited partnership was formed before October 1, 1998; 

(2) On October 1, 1998, the partnership agreement of the limited partnership did not specify in writing the time or the events on the occurrence of which a limited partner may withdraw or a definite time for the dissolution and the winding up of the limited partnership; and 

(3) The limited partnership did not amend its partnership agreement on or after October 1, 1998 to specify in writing the time or the events on the occurrence of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership. 
 

[1981, ch. 801, § 2; 1988, ch. 550; 1998, ch. 758.]