61-1-603 - Effect of partner's dissociation. - Tennessee Statutes

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61-1-603. Effect of partner's dissociation.

(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, part 8 of this chapter applies; otherwise, part 7 of this chapter applies.

(b) Upon a partner's dissociation:

(1) The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 61-1-803;

(2) The partner's duty of loyalty under § 61-1-404(b)(3) terminates; and

(3) The partner's duty of loyalty under § 61-1-404(b)(1) and (2) and duty of care under § 61-1-404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 61-1-803.

[Acts 2001, ch. 353.]

State Codes and Statutes

Statutes > Tennessee > Title-61 > Chapter-1 > Part-6 > 61-1-603

61-1-603. Effect of partner's dissociation.

(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, part 8 of this chapter applies; otherwise, part 7 of this chapter applies.

(b) Upon a partner's dissociation:

(1) The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 61-1-803;

(2) The partner's duty of loyalty under § 61-1-404(b)(3) terminates; and

(3) The partner's duty of loyalty under § 61-1-404(b)(1) and (2) and duty of care under § 61-1-404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 61-1-803.

[Acts 2001, ch. 353.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Tennessee > Title-61 > Chapter-1 > Part-6 > 61-1-603

61-1-603. Effect of partner's dissociation.

(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, part 8 of this chapter applies; otherwise, part 7 of this chapter applies.

(b) Upon a partner's dissociation:

(1) The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 61-1-803;

(2) The partner's duty of loyalty under § 61-1-404(b)(3) terminates; and

(3) The partner's duty of loyalty under § 61-1-404(b)(1) and (2) and duty of care under § 61-1-404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 61-1-803.

[Acts 2001, ch. 353.]