§ 1-703. Dissociated partner's liability to other persons
Oklahoma Statutes AnnotatedTitle 54. Partnership
54 Okl.St.Ann. § 1-703
§ 1-703. Dissociated partner's liability to other persons
Dissociated Partner's Liability to Other Persons. (a) A partner's dissociation does not of itself discharge the partner's liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection (b) of this section.
(b) A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to the other party in a transaction entered into by the partnership, or a surviving partnership under Article 9 of this act, within two (2) years after the partner's dissociation, only if the partner is liable for the obligation under Section 18 of this act1 and at the time of entering into the transaction the other party:
Credits
Laws 1997, c. 399, § 37, eff. Nov. 1, 1997.
54 Okl. St. Ann. § 1-703, OK ST T. 54 § 1-703
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 |