88.450 - Events of withdrawal. - Nevada Statutes

88.450  Events of withdrawal.  Except as approved by the specific written consent of all partners at the time, a person ceases to be a general partner of a limited partnership upon the happening of any of the following events:

      1.  The general partner withdraws from the limited partnership as provided in NRS 88.495;

      2.  The general partner ceases to be a member of the limited partnership as provided in NRS 88.530;

      3.  The general partner is removed as a general partner in accordance with the partnership agreement;

      4.  Unless otherwise provided in writing in the partnership agreement, the general partner:

      (a) Makes an assignment for the benefit of creditors;

      (b) Files a voluntary petition in bankruptcy;

      (c) Is adjudicated a bankrupt or insolvent;

      (d) Files a petition or answer seeking for the general partner any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation;

      (e) Files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the general partner in any proceeding of this nature; or

      (f) Seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the general partner or of all or any substantial part of the general partner’s properties;

      5.  Unless otherwise provided in writing in the partnership agreement, 120 days after the commencement of any proceeding against the general partner seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, the proceeding has not been dismissed, or if within 90 days after the appointment without the general partner’s consent or acquiescence of a trustee, receiver or liquidator of the general partner or of all or any substantial part of the general partner’s properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated;

      6.  In the case of a general partner who is a natural person:

      (a) The general partner’s death; or

      (b) The entry by a court of competent jurisdiction adjudicating the general partner incompetent to manage his or her person or estate;

      7.  In the case of a general partner who is acting as a general partner by virtue of being a trustee of a trust, the termination of the trust, but not merely the substitution of a new trustee;

      8.  In the case of a general partner that is a separate partnership, the dissolution and commencement of winding up of the separate partnership;

      9.  In the case of a general partner that is a corporation, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; or

      10.  In the case of an estate, the distribution by the fiduciary of the estate’s entire interest in the partnership.

      (Added to NRS by 1985, 1286; A 1987, 73)