Idaho § 30-24-602 EFFECT OF DISSOCIATION AS LIMITED PARTNER

Idaho Statutes

§ 30-24-602 — EFFECT OF DISSOCIATION AS LIMITED PARTNER

Idaho·Title 30 CORPORATIONS·Part 6 DISSOCIATION·Ch. 24 LIMITED PARTNERSHIPS

(a)If a person is dissociated as a limited partner:

(1)Subject to section 30-24-704, Idaho Code, the person does not have further rights as a limited partner;

(2)The person’s contractual obligation of good faith and fair dealing as a limited partner under section 30-24-305 (a), Idaho Code, ends with regard to matters arising and events occurring after the person’s dissociation; and

(3)Subject to section 30-24-704, Idaho Code, and chapter 22, title 30, Idaho Code, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person solely as a transferee.

(b)A person’s dissociation as a limited partner does not of itself discharge the person from any debt, obligation, or other liability to the limited partner

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(a) If a person is dissociated as a limited partner:
(1) Subject to section 30-24-704, Idaho Code, the person does not have further rights as a limited partner;
(2) The person’s contractual obligation of good faith and fair dealing as a limited partner under section 30-24-305 (a), Idaho Code, ends with regard to matters arising and events occurring after the person’s dissociation; and
(3) Subject to section 30-24-704, Idaho Code, and chapter 22, title 30, Idaho Code, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person solely as a transferee.
(b) A person’s dissociation as a limited partner does not of itself discharge the person from any debt, obligation, or other liability to the limited partnership or the other partners that the person incurred while a limited partner.

Idaho § 30-24-602 (EFFECT OF DISSOCIATION AS LIMITED PARTNER) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.