50-73.110 - Partner's power to dissociate; wrongful dissociation. - Virginia Statutes

§ 50-73.110. Partner's power to dissociate; wrongful dissociation.

A. A partner has the power to dissociate at any time, rightfully orwrongfully, by express will pursuant to subdivision 1 of § 50-73.109.

B. A partner's dissociation is wrongful only if:

1. It is in breach of an express provision of the partnership agreement; or

2. In the case of a partnership for a definite term or particularundertaking, before the expiration of the term or the completion of theundertaking:

a. The partner withdraws by express will, unless the withdrawal followswithin 90 days after another partner's dissociation by death or otherwiseunder subdivisions 6 through 10 and 12 of § 50-73.109 or wrongfuldissociation under this subsection;

b. The partner is expelled by judicial determination under subdivision 5 of §50-73.109;

c. The partner is dissociated under subdivision 6 of § 50-73.109; or

d. In the case of a partner who is not an individual, trust other than abusiness trust, or estate, the partner is expelled or otherwise dissociatedbecause it willfully dissolved or terminated.

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

(1996, c. 292.)