87.4344 - Power of partner to dissociate; wrongful dissociation. - Nevada Statutes

87.4344  Power of partner to dissociate; wrongful dissociation.

      1.  A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to subsection 1 of NRS 87.4343.

      2.  A partner’s dissociation is wrongful only if:

      (a) It is in breach of an express provision of the partnership agreement; or

      (b) In the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking:

             (1) The partner withdraws by express will, unless the withdrawal follows within 90 days after another partner’s dissociation by death or otherwise under subsections 6 to 10, inclusive, of NRS 87.4343 or wrongful dissociation under this subsection;

             (2) The partner is expelled by judicial determination under subsection 5 of NRS 87.4343;

             (3) The partner is dissociated by becoming a debtor in bankruptcy; or

             (4) In the case of a partner who is not a natural person, a trust other than a business trust or an estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.

      3.  A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.

      (Added to NRS by 2005, 434)