25.05.425 - Partner -- Dissent -- Payment of fair value. - Washington Statutes

Partner — Dissent — Payment of fair value.

(1) Except as provided in RCW 25.05.435 or 25.05.445(2), a partner in a domestic partnership is entitled to dissent from, and obtain payment of the fair value of the partner's interest in a partnership in the event of consummation of a plan of merger to which the partnership is a party as permitted by RCW 25.05.370 or 25.05.390.

     (2) A partner entitled to dissent and obtain payment for the partner's interest in a partnership under this article may not challenge the merger creating the partner's entitlement unless the merger fails to comply with the procedural requirements imposed by this title, Title 23B RCW, RCW 25.10.776 through 25.10.796, or 25.15.430, as applicable, or the partnership agreement, or is fraudulent with respect to the partner or the partnership.

     (3) The right of a dissenting partner in a partnership to obtain payment of the fair value of the partner's interest in the partnership shall terminate upon the occurrence of any one of the following events:

     (a) The proposed merger is abandoned or rescinded;

     (b) A court having jurisdiction permanently enjoins or sets aside the merger; or

     (c) The partner's demand for payment is withdrawn with the written consent of the partnership.

[2009 c 188 § 1409; 1998 c 103 § 1002.]

Notes: Effective date -- 2009 c 188: See note following RCW 23B.11.080.