25.10.516 - Effect of dissociation as limited partner. - Washington Statutes

Effect of dissociation as limited partner.

(1) Upon a person's dissociation as a limited partner:

     (a) Subject to RCW 25.10.561, the person does not have further rights as a limited partner;

     (b) The person's obligation of good faith and fair dealing as a limited partner under RCW 25.10.341(2) continues only as to matters arising and events occurring before the dissociation; and

     (c) Subject to RCW 25.10.561 and article 11 of this chapter, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.

     (2) A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners that the person incurred while a limited partner.

[2009 c 188 § 602.]