31 §1046. Continuation of partnership beyond definite term or particular undertaking
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 17: UNIFORM PARTNERSHIP ACT HEADING: PL 2005, C. 543, PT. A, §2 (NEW)
Subchapter 4: RELATIONS OF PARTNERS TO EACH OTHER AND TO PARTNERSHIP HEADING: PL 2005, C. 543, PT. A, §2 (NEW)
§1046. Continuation of partnership beyond definite term or particular undertaking
1. Rights and duties as at expiration or completion. If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.
[ 2005, c. 543, Pt. A, §2 (NEW) .]
2. Presumption of agreement to continue. If the partners, or those of them who habitually acted in the business during the term or undertaking, continue the business without any settlement or liquidation of the partnership, they are presumed to have agreed that the partnership will continue.
[ 2005, c. 543, Pt. A, §2 (NEW) .]
SECTION HISTORY
2005, c. 543, §A2 (NEW).