359.351. Distribution upon withdrawal, when, how determined. - Missouri Statutes

Distribution upon withdrawal, when, how determined.

359.351. Except as provided in sections 359.321 to 359.391, uponwithdrawal any withdrawing partner is entitled to receive the distribution,if any, to which such partner is entitled under the partnership agreement.If the partnership agreement does not provide for a distribution to which awithdrawn partner is entitled, the withdrawn partner shall be an assigneeof the withdrawn partner's interest but the partnership may thereafterpurchase the withdrawn partner's interest in the partnership, for the fairvalue of the withdrawn partner's interest in the partnership as of the dateof withdrawal based upon such withdrawn partner's right to share indistributions from the partnership as an ongoing business, at any time,upon thirty days' written notice from the partnership to the withdrawnpartner, such withdrawn partner's personal representatives, successors orassigns.

(L. 1985 H.B. 512 & 650, A.L. 1997 H.B. 655 merged with S.B. 170)

Effective 6-24-97 (H.B. 655) 5-20-97 (S.B. 170)