SECTION 620.1606. Power to bind and liability to limited partnership before dissolution of partnership of person dissociated as general partner.

Latest version.

1(1) 2After a person is dissociated as a general partner and before the limited partnership is dissolved, converted under s. 21620.2102, 22or merged out of existence under s. 29620.2106, 30the limited partnership is bound by an act of the person only if:
43(a) 44The act would have bound the limited partnership under s. 54620.1402 55before the dissociation.
58(b) 59At the time the other party enters into the transaction:
691. 70Less than 2 years have passed since the dissociation.
792. 80The other party does not have notice of the dissociation and reasonably believes that the person is a general partner.
100(2) 101If a limited partnership is bound under subsection (1), the person dissociated as a general partner which caused the limited partnership to be bound is liable:
127(a) 128To the limited partnership for any damage caused to the limited partnership arising from the obligation incurred under subsection (1).
148(b) 149If a general partner or another person dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability.

History.-s. 17, ch. 2005-267.

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