§ 15906.02. — 15906.02. (Added by Stats. 2006, Ch. 495, Sec. 20.)

California § 15906.02.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Title 2.: TITLE 2. PARTNERSHIPS
• Ch. 4.5.: CHAPTER 4.5. Uniform Limited Partnership Act of 2008
• Art. 6.: ARTICLE 6. Dissociation

Text

(a)
Upon a person’s dissociation as a limited partner:
(1)
subject to Section 15907.04, the person does not have further rights as a limited partner;
(2)
the person’s obligation of good faith and fair dealing as a limited partner under subdivision (b) of Section 15903.05 continues only as to matters arising and events occurring before the dissociation; and
(3)
subject to Section 15907.04 and Article 11 (commencing with Section 15911.01), any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person 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.

Legislative History

Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Section operative January 1, 2008, pursuant to Section 15912.04.