Maine § 31 §1046 Continuation of partnership beyond definite term or particular undertaking

Maine Statutes

§ 31 §1046 — Continuation of partnership beyond definite term or particular undertaking

Maine·Title 31 PARTNERSHIPS AND ASSOCIATIONS·Ch. 17 UNIFORM PARTNERSHIP ACT

1.Rights and duties as at expiration or completion. If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.

2.Presumption of agreement to continue. If the partners, or those of them who habitually acted in the business during the term or undertaking, continue the business without any settlement or liquidation of the partnership, they are presumed to have agreed that the partnership will continue.

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1.
Rights and duties as at expiration or completion.
If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.
2.
Presumption of agreement to continue.
If the partners, or those of them who habitually acted in the business during the term or undertaking, continue the business without any settlement or liquidation of the partnership, they are presumed to have agreed that the partnership will continue.

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