§ 7-64-602 — Partner's power to dissociate - wrongful dissociation

Colorado § 7-64-602

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Colorado Uniform Partnership Act (1997)

Text

(1) A
partner has the power to dissociate at any time, rightfully or wrongfully, by express
will pursuant to section 7-64-601 (1)(a).

(2) A partner's dissociation is wrongful only if:

(a) It is in breach of an express provision of the partnership agreement; or

(b) In the case of a partnership for a definite term or particular undertaking,
before the expiration of the term or the completion of the undertaking:

(I) The partner withdraws by express will, unless the withdrawal follows
within ninety days after another partner's dissociation by death or otherwise under
section 7-64-601 (1)(f) to (1)(j) or wrongful dissociation under this subsection (2);

(II) The partner is expelled by judicial determination under section 7-64-601
(1)(e);

(III) The partner is dissociated under section 7-64-601 (1)(f); or

(IV) In the case of a partner who is not an individual, trust other than a
business trust, or estate, the partner is expelled or otherwise dissociated because it
willfully dissolved or terminated.

(3) A partner who wrongfully dissociates is liable to the partnership and to
the other partners for damages caused by the dissociation. The liability is in
addition to any other obligation of the partner to the partnership or to the other
partners.

Legislative History

Source: L. 97: Entire article added, p. 887, � 1, effective January 1, 1998.