SECTION 620.1607. Liability to other persons of person dissociated as general partner.
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1(1) 2A person’s dissociation as a general partner does not of itself discharge the person’s liability as a general partner for an obligation of the limited partnership incurred before dissociation. Except as otherwise provided in subsections (2) and (3), the person is not liable for a limited partnership’s obligation incurred after dissociation.
53(2) 54A person whose dissociation as a general partner resulted in a dissolution and winding up of the limited partnership’s activities is liable to the same extent as a general partner under s. 86620.1404 87on an obligation incurred by the limited partnership under s. 97620.180498. 99(3) 100A person that has dissociated as a general partner but whose dissociation did not result in a dissolution and winding up of the limited partnership’s activities is liable on a transaction entered into by the limited partnership after the dissociation only if:142(a) 143A general partner would be liable on the transaction.
152(b) 153At the time the other party enters into the transaction:1631. 164Less than 2 years have passed since the dissociation.
1732. 174The other party does not have notice of the dissociation and reasonably believes that the person is a general partner.
194(4) 195By agreement with a creditor of a limited partnership and the limited partnership, a person dissociated as a general partner may be released from liability for an obligation of the limited partnership.
227(5) 228A person dissociated as a general partner is released from liability for an obligation of the limited partnership if the limited partnership’s creditor, with notice of the person’s dissociation as a general partner but without the person’s consent, agrees to a material alteration in the nature or time of payment of the obligation.
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