§425E-602 - Effect of dissociation as a limited partner.
[§425E-602] Effect of dissociation as a limited partner. (a) Upon a person's dissociation as a limited partner:
(1) Subject to section 425E-704, the person shall not have further rights as a limited partner;
(2) The person's obligation of good faith and fair dealing as a limited partner under section 425E-305(b) continues only as to matters arising and events occurring before the dissociation; and
(3) Subject to section 425E-704 and article 11, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation shall be owned by the person as a mere transferee.
(b) A person's dissociation as a limited partner shall not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner. [L 2003, c 210, pt of §1]