8358 - Effect of dissolution on existing liability of partner. - Pennsylvania Statutes

§ 8358. Effect of dissolution on existing liability of partner. (a) General rule.--The dissolution of the partnership does not of itself discharge the existing liability of any partner. (b) Agreement.--A partner is discharged from any existing liability upon dissolution of the partnership by an agreement to that effect between himself, the partnership creditor and the person or partnership continuing the business. The agreement may be inferred from the course of dealing between the creditor having knowledge of the dissolution and the person or partnership continuing the business. (c) Assumption of obligation.--Where a person agrees to assume the existing obligations of a dissolved partnership, the partners whose obligations have been assumed shall be discharged from any liability to any creditor of the partnership who, knowing of the agreement, consents to a material alteration in the nature or time of payment of the obligations. (d) Individual property.--The individual property of a deceased partner shall be liable for all obligations of the partnership incurred while he was a partner but subject to the prior payment of his separate debts. Cross References. Section 8358 is referred to in section 8360 of this title.