State Codes and Statutes
Statutes > Alabama > Title10 > Chapter9C > 10-9C-602Section 10-9C-602
(Effective January 1, 2010) Effect of dissociation as limited partner.
(a) Upon a person's dissociation as a limited partner:
(1) subject to Section 10-9C-704, the person does not have further rights as a limited partner;
(2) the person's implied contractual obligation of good faith and fair dealing as a limited partner under Section 10-9C-305(b) continues only as to matters arising and events occurring before the dissociation; and
(3) subject to Section 10-9C-704, and Article 11, and Chapter 15 of this title, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person immediately after dissociation as a mere transferee.
(b) A person's dissociation as a limited partner does 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.
(Act 2009-621, §1.)