Section 802 - Partnership continues after dissolution. - Maryland Statutes

§ 9A-802. Partnership continues after dissolution.
 

(a)  Limited to winding up.- Subject to subsection (b) of this section, a partnership continues after dissolution only for the purpose of winding up its business. The partnership is terminated when the winding up of its business is completed. 

(b)  Waiver of termination.- At any time after the dissolution of a partnership and before the winding up of its business is completed, all of the partners, including any dissociating partner other than a wrongfully dissociating partner, may waive the right to have the partnership's business wound up and the partnership terminated. In that event: 

(1) The partnership resumes carrying on its business as if dissolution had never occurred, and any liability incurred by the partnership or a partner after the dissolution and before the waiver is determined as if dissolution had never occurred; and 

(2) The rights of a third party accruing under § 9A-804(1) of this subtitle or arising out of conduct in reliance on the dissolution before the third party knew or received a notification of the waiver may not be adversely affected. 
 

[1997, ch. 654, § 2; 1998, ch. 743, §§ 1, 3.]