Idaho § 30-23-703 LIABILITY OF PERSON DISSOCIATED AS PARTNER TO OTHER PERSONS

Idaho Statutes

§ 30-23-703 — LIABILITY OF PERSON DISSOCIATED AS PARTNER TO OTHER PERSONS

Idaho·Title 30 CORPORATIONS·Part 7 PARTNER’S DISSOCIATION WHEN BUSINESS NOT WOUND UP·Ch. 23 GENERAL PARTNERSHIPS

(a)Except as otherwise provided in subsection (b) of this section, a person dissociated as a partner is not liable for a partnership obligation incurred after dissociation.

(b)A person that is dissociated as a partner is liable on a transaction entered into by the partnership after the dissociation only if:

(1)The partner would be liable on the transaction; and

(2)At the time the other party enters into the transaction:

(A)Less than two (2) years has passed since the dissociation; and

(B)The other party does not have knowledge or notice of the dissociation and reasonably believes that the person is a partner.

(c)By agreement with a creditor of a partnership and the partnership, a person dissociated as a partner may be released from liability for a debt, obligation, or other liabilit

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(a) Except as otherwise provided in subsection (b) of this section, a person dissociated as a partner is not liable for a partnership obligation incurred after dissociation.
(b) A person that is dissociated as a partner is liable on a transaction entered into by the partnership after the dissociation only if:
(1) The partner would be liable on the transaction; and
(2) At the time the other party enters into the transaction:
(A) Less than two (2) years has passed since the dissociation; and
(B) The other party does not have knowledge or notice of the dissociation and reasonably believes that the person is a partner.
(c) By agreement with a creditor of a partnership and the partnership, a person dissociated as a partner may be released from liability for a debt, obligation, or other liability of the partnership.
(d) A person dissociated as a partner is released from liability for a debt, obligation, or other liability of the partnership if the partnership’s creditor, with knowledge or notice of the person’s dissociation but without the person’s consent, agrees to a material alteration in the nature or time of payment of the debt, obligation or other liability.

Idaho § 30-23-703 (LIABILITY OF PERSON DISSOCIATED AS PARTNER TO OTHER PERSONS) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.