50-73.111 - Effect of partner's dissociation. - Virginia Statutes

§ 50-73.111. Effect of partner's dissociation.

A. If a partner's dissociation results in a dissolution and winding up of thepartnership business, Article 8 applies; otherwise, Article 7 applies.

B. Upon a partner's dissociation:

1. The partner's right to participate in the management and conduct of thepartnership business terminates, except as otherwise provided in § 50-73.119;

2. The partner's duty of loyalty under subdivision B 3 of § 50-73.102terminates; and

3. The partner's duty of loyalty under subdivisions B 1 and B 2 of §50-73.102 and duty of care under subsection C of § 50-73.102 continue onlywith regard to matters arising and events occurring before the partner'sdissociation, unless the partner participates in winding up the partnership'sbusiness pursuant to § 50-73.119.

(1996, c. 292.)