State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_59 > GS_59-66

§59‑66.  Effect of dissolution on partner's existing liability.

(a)        The dissolution ofthe partnership does not of itself discharge the existing liability of anypartner.

(b)        A partner isdischarged from any existing liability upon dissolution of the partnership byan agreement to that effect between himself, the partnership creditor and theperson or partnership continuing the business; and such agreement may beinferred from the course of dealing between the creditor having knowledge ofthe dissolution and the person or partnership continuing the business.

(c)        Where a personagrees to assume the existing obligations of a dissolved partnership, thepartners whose obligations have been assumed shall be discharged from anyliability to any creditor of the partnership who, knowing of the agreement,consents to a material alteration in the nature or time of payment of suchobligations.

(d)        The individualproperty of a deceased partner shall be liable for all obligations of thepartnership incurred while he was a partner but subject to the prior payment ofhis separate debts. (1941, c. 374, s. 36.)