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§ 8485. Liability after dissolution

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part III. Partnerships and Limited Liability Companies (Refs & Annos)
Chapter 84. General Partnerships (Refs & Annos)
Subchapter H. Dissolution and Winding up
Effective: February 21, 2017
15 Pa.C.S.A. § 8485
Formerly cited as PA ST 15 Pa.C.S.A. § 8356;  PA ST 15 Pa.C.S.A. § 8361
§ 8485. Liability after dissolution
Currentness
(a) Liability of partner.--If a partner having knowledge of the dissolution causes a partnership to incur an obligation under section 8484(a)(2) (relating to power to bind partnership after dissolution) by an act that is not appropriate for winding up the partnership business, the partner is liable:
(1) to the partnership for any damage caused to the partnership arising from the obligation; and
(2) if another partner or person dissociated as a partner is liable for the obligation, to that other partner or person for any damage caused to that other partner or person arising from the liability.
(b) Liability of person dissociated as partner.--Except as provided under subsection (c), if a person dissociated as a partner causes a partnership to incur an obligation under section 8484(b), the person is liable:
(1) to the partnership for any damage caused to the partnership arising from the obligation; and
(2) if a partner or another person dissociated as a partner is liable for the obligation, to the partner or other person for any damage caused to the partner or other person arising from the obligation.
(c) Exception in winding up.--A person dissociated as a partner is not liable under subsection (b) if:
(1) section 8482(c) (relating to winding up and filing of certificates) permits the person to participate in winding up; and
(2) the act that causes the partnership to be bound under section 8484(b) is appropriate for winding up the partnership's business.

Credits

2016, Nov. 21, P.L. 1328, No. 170, § 25, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8485, PA ST 15 Pa.C.S.A. § 8485
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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