Home Table of Contents

§ 1-603. Effect of partner's dissociation

Oklahoma Statutes AnnotatedTitle 54. Partnership

Oklahoma Statutes Annotated
Title 54. Partnership
Chapter 1. Oklahoma Revised Uniform Partnership Act (Refs & Annos)
Article 6. Partner's Dissociation
54 Okl.St.Ann. § 1-603
§ 1-603. Effect of partner's dissociation
Currentness
Effect of Partner's Dissociation. (a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 of this act applies; otherwise, Article 7 of this act applies.
(b) Upon a partner's dissociation:
(1) the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in Section 42 of this act;1
(2) the partner's duty of loyalty under paragraph (3) of subsection (b) of Section 25 of this act2 terminates; and
(3) the partner's duty of loyalty under paragraphs (1) and (2) of subsection (b) of Section 25 of this act and duty of care under subsection (c) of Section 25 of this act continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to Section 42 of this act.

Credits

Laws 1997, c. 399, § 34, eff. Nov. 1, 1997.

Footnotes

1
Title 54, § 1-803.
2
Title 54, § 1-404.
54 Okl. St. Ann. § 1-603, OK ST T. 54 § 1-603
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document