358.360. Effect of dissolution of partner's existing liability. - Missouri Statutes

Effect of dissolution of partner's existing liability.

358.360. 1. The dissolution of the partnership does not of itselfdischarge the existing liability of any partner.

2. A partner is discharged from any existing liability upondissolution of the partnership by an agreement to that effect betweenhimself or herself, the partnership creditor and the person or partnershipcontinuing the business; and such agreement may be inferred from the courseof dealing between the creditor having knowledge of the dissolution and theperson or partnership continuing the business.

3. Where a person agrees to assume the existing obligations of adissolved partnership, the partners whose obligations have been assumedshall be discharged from any liability to any creditor of the partnershipwho, knowing of the agreement, consents to a material alteration in thenature or time of payment of such obligations.

4. The individual property of a deceased partner shall be liable forall obligations of the partnership incurred while the partner was a partnerand for which the partner was liable under section 358.150, but subject tothe prior payment of the partner's separate debts.

(L. 1949 p. 506 § 36, A.L. 1995 H.B. 558)