This text of Iowa § 486A.602 (Partner’s power to dissociate — wrongful dissociation) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. A partner has the power to dissociate at any time, rightfully or wrongfully, by express
will pursuant to section 486A.601, subsection 1.
2. A partner’s dissociation is wrongful only if any of the following applies:
a. It is in breach of an express provision of the partnership agreement.
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 if any of the following occur:
(1)The partner withdraws by express will, unless the withdrawal follows within ninety
days after another partner’s dissociation by death or otherwise under section 486A.601,
subsections 6 through 10, or wrongful dissociation under this subsection.
(2)The partner is expelled by judicial determination under section 486A.601, s
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1. A partner has the power to dissociate at any time, rightfully or wrongfully, by express
will pursuant to section 486A.601, subsection 1.
2. A partner’s dissociation is wrongful only if any of the following applies:
a. It is in breach of an express provision of the partnership agreement.
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 if any of the following occur:
(1) The partner withdraws by express will, unless the withdrawal follows within ninety
days after another partner’s dissociation by death or otherwise under section 486A.601,
subsections 6 through 10, or wrongful dissociation under this subsection.
(2) The partner is expelled by judicial determination under section 486A.601, subsection
5.
(3) The partner is dissociated by becoming a debtor in bankruptcy.
(4) 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.