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§ 8472. Power to bind and liability of person dissociated as partner

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 G. Dissociation as Partner if Business Not Wound up (Refs & Annos)
Effective: February 21, 2017
15 Pa.C.S.A. § 8472
§ 8472. Power to bind and liability of person dissociated as partner
Currentness
(a) When partnership bound.--After a person is dissociated as a partner without the dissociation resulting in a dissolution and winding up of the partnership business and before the partnership is merged or divided out of existence, converted or domesticated under Chapter 3 (relating to entity transactions), or dissolved, the partnership is bound by an act of the person only if:
(1) the act would have bound the partnership under section 8431 (relating to partner agent of partnership) before dissociation; and
(2) at the time the other party enters into the transaction:
(i) less than two years have passed since the dissociation; and
(ii) the other party does not know or have notice of the dissociation and reasonably believes that the person is a partner.
(b) Liability of person dissociated as partner.--If a partnership is bound under subsection (a), the person dissociated as a partner which caused the partnership to be bound is liable:
(1) to the partnership for any damage caused to the partnership arising from the obligation incurred under subsection (a); 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 liability.

Credits

2016, Nov. 21, P.L. 1328, No. 170, § 25, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8472, PA ST 15 Pa.C.S.A. § 8472
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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