§ 34-357 — Effect of partner's dissociation.

Connecticut § 34-357

• Jurisdiction: Connecticut
• Title 34: Limited Partnerships, Partnerships, Professional Associations, Limited Liability Companies and Statutory Trusts
• Ch. 614: Uniform Partnership Act. Limited Liability Partnerships

Text

(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, sections 34-372 to 34-378, inclusive, apply; otherwise, sections 34-362 to 34-366, inclusive, apply. (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 section 34-374 ; (2) The partner's duty of loyalty under subdivision (3) of subsection (b) of section 34-338 terminates; and (3) The partner's duty of loyalty under subdivisions (1) and (2) of subsection (b) of section 34-338 and duty of care under subsection (c) of said section 34-338 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 section 34-374 .

Legislative History

(P.A. 95-341, S. 33, 58.) History: P.A. 95-341 effective July 1, 1997.