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§ 1-802. Partnership continues after dissolution

Oklahoma Statutes AnnotatedTitle 54. Partnership

Oklahoma Statutes Annotated
Title 54. Partnership
Chapter 1. Oklahoma Revised Uniform Partnership Act (Refs & Annos)
Article 8. Winding up Partnership Business
54 Okl.St.Ann. § 1-802
§ 1-802. Partnership continues after dissolution
Currentness
Partnership Continues After Dissolution. (a) Subject to subsection (b) of this section, a partnership continues after dissolution only for the purpose of winding up its business. The partnership is terminated when the winding up of its business is completed.
(b) At any time after the dissolution of a partnership and before the winding up of its business is completed, all of the partners, including any dissociating partner other than a wrongfully dissociating partner, may waive the right to have the partnership's business wound up and the partnership terminated.
In that event:
(1) the partnership resumes carrying on its business as if dissolution had never occurred, and any liability incurred by the partnership or a partner after the dissolution and before the waiver is determined as if dissolution had never occurred; and
(2) the rights of a third party accruing under paragraph (1) of Section 43 of this act1 or arising out of conduct in reliance on the dissolution before the third party knew or received a notification of the waiver may not be adversely affected.

Credits

Laws 1997, c. 399, § 41, eff. Nov. 1, 1997.

Footnotes

1
Title 54, § 1-804.
54 Okl. St. Ann. § 1-802, OK ST T. 54 § 1-802
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.
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