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§ 8462. Power to dissociate as partner and wrongful dissociation

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 F. Dissociation
Effective: February 21, 2017
15 Pa.C.S.A. § 8462
§ 8462. Power to dissociate as partner and wrongful dissociation
Currentness
(a) Power to dissociate.--A person has the power to dissociate as a partner at any time, rightfully or wrongfully, by withdrawing as a partner by express will under section 8461(1) (relating to events causing dissociation).
(b) Wrongful dissociation.--A person's dissociation as a partner is wrongful only if the dissociation:
(1) is in breach of an express provision of the partnership agreement; or
(2) in the case of a partnership for a definite term or particular undertaking, occurs before the expiration of the term or the completion of the undertaking and:
(i) the person withdraws as a partner by express will, unless the withdrawal follows within 90 days after another person's dissociation by death or otherwise under section 8461(6), (7), (8), (9) or (10) or wrongful dissociation under this subsection;
(ii) the person is expelled as a partner by judicial order under section 8461(5);
(iii) the person is dissociated under section 8461(6); or
(iv) in the case of a person that is not a trust other than a business or statutory trust, an estate or an individual, the person is expelled or otherwise dissociated because it willfully dissolved or terminated.
(c) Damages for wrongful dissociation.--A person that wrongfully dissociates as a partner is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any debt, obligation or other liability of the partner to the partnership or the other partners.
(d) Cross reference.--See section 8415(c)(14) (relating to contents of partnership agreement).

Credits

2016, Nov. 21, P.L. 1328, No. 170, § 25, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8462, PA ST 15 Pa.C.S.A. § 8462
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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