SECTION 620.8703. Dissociated partner’s liability to other persons.
Latest version.
1(1) 2A partner’s dissociation does not, by itself, discharge the partner’s liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection (2).
40(2) 41A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to any other party to a transaction entered into by the partnership, or a surviving partnership under ss. 80620.891181-82620.8923, 83within 1 year after the partner’s dissociation only if the partner is liable for the obligation under s. 101620.8306102and, at the time of entering into the transaction, the other party:
114(a) 115Reasonably believed that the dissociated partner was then a partner;
125(b) 126Did not have notice of the partner’s dissociation; and
152(3) 153By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.
177(4) 178A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice of the partner’s dissociation but without the partner’s consent, agrees to a material alteration in the nature or time of payment of a partnership obligation.
