§ 7-64-306 — Partner's liability

(1) Except as otherwise provided in this
section, all partners are liable jointly and severally for all partnership obligations
unless otherwise agreed by the claimant or provided by law.

(2) A person admitted as a partner into an existing partnership is not
personally liable for any partnership obligations incurred before the person's
admission as a partner.

(3) Except as otherwise provided in a written partnership agreement, a
person is not, solely by reason of being a partner, liable, directly or indirectly,
including by way of indemnification, contribution, assessment, or otherwise, for
partnership obligations which are incurred, created, or assumed by the partnership
while the partnership is a limited liability partnership.

(4) A partner in a limited liability partnership does not become liable, directly
or indirectly, for partnership obligations incurred, created, or assumed while the
partnership was a limited liability partnership merely because the partnership
ceases to be a limited liability partnership.

Legislative History

Source: L. 97: Entire article added, p. 877, � 1, effective January 1, 1998.