[§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]