State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_59 > GS_59-61

§59‑61.  Causes of dissolution.

Dissolution is caused:

(1)        Without violation ofthe agreement between the partners,

a.         By the terminationof the definite term or particular undertaking specified in the agreement,

b.         By the express willof any partner when no definite term or particular undertaking is specified,

c.         By the express willof all partners who have not assigned their interests or suffered them to becharged for their separate debts, either before or after the termination of anyspecific term or particular undertaking,

d.         By the expulsion ofany partner from the business bona fide in accordance with such a powerconferred by the agreement between the partners;

(2)        In contravention ofthe agreement between the partners, where the circumstances do not permit adissolution under any other provision of this section, by the express will ofany partner at any time;

(3)        By any event whichmakes it unlawful for the business of the  partnership to be carried on or forthe members to carry it on in partnership;

(4)        By the death of anypartner, unless the partnership agreement provides otherwise;

(5)        By the bankruptcy ofany partner or the partnership;

(6)        By decree of courtunder G.S. 59‑62. (1941, c. 374, s. 31; 1943, c. 384.)