31 §1082. Partnership continues after dissolution
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 17: UNIFORM PARTNERSHIP ACT HEADING: PL 2005, C. 543, PT. A, §2 (NEW)
Subchapter 8: WINDING UP PARTNERSHIP BUSINESS HEADING: PL 2005, C. 543, PT. A, §2 (NEW)
§1082. Partnership continues after dissolution
1. Continuation for purpose of winding up. Subject to subsection 2, a partnership continues after dissolution only for the purpose of winding up its business. The partnership is terminated when the winding up of its business is completed.
[ 2005, c. 543, Pt. A, §2 (NEW) .]
2. Waiver of right to wind up business; terminate partnership. At any time after the dissolution of a partnership and before the winding up of its business is completed, all of the partners, including any dissociating partner other than a wrongfully dissociating partner, may waive the right to have the partnership's business wound up and the partnership terminated. In that event:
A. The partnership resumes carrying on its business as if dissolution had never occurred, and any liability incurred by the partnership or a partner after the dissolution and before the waiver is determined as if dissolution had never occurred; and [2005, c. 543, Pt. A, §2 (NEW).]
B. The rights of a 3rd party accruing under section 1084, subsection 1 or arising out of conduct in reliance on the dissolution before the 3rd party knew or received a notification of the waiver may not be adversely affected. [2005, c. 543, Pt. A, §2 (NEW).]
[ 2005, c. 543, Pt. A, §2 (NEW) .]
SECTION HISTORY
2005, c. 543, §A2 (NEW).