50-73.121 - Statement of dissolution. - Virginia Statutes

§ 50-73.121. Statement of dissolution.

A. After dissolution, a partner who has not wrongfully dissociated may file astatement of dissolution for a partnership that has filed a statement ofpartnership authority that has not been canceled stating the name of thepartnership, the identification number issued by the Commission to thepartnership, and that the partnership has dissolved and is winding up itsbusiness.

B. A statement of dissolution cancels a filed statement of partnershipauthority for the purposes of subsection D of § 50-73.93 and is a limitationon authority for the purposes of subsection E of § 50-73.93.

C. For the purposes of §§ 50-73.91 and 50-73.120, a person not a partner isdeemed to have notice of the dissolution and the limitation on the partners'authority as a result of the statement of dissolution 90 days after it isfiled.

D. After filing and, if appropriate, recording a statement of dissolution, adissolved partnership may file and, if appropriate, record a statement ofpartnership authority which will operate with respect to a person not apartner as provided in subsections D and E of § 50-73.93 in any transaction,whether or not the transaction is appropriate for winding up the partnershipbusiness.

(1996, c. 292; 2003, c. 567.)