Maine § 31 §1373 Dissociation as general partner

Maine Statutes

§ 31 §1373 — Dissociation as general partner

Maine § 31 §1373

Title 31PARTNERSHIPS AND ASSOCIATIONS

Ch. 19UNIFORM LIMITED PARTNERSHIP ACT

This text of Maine § 31 §1373 (Dissociation as general partner) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 31, § 31 §1373 (2026).

Text

A person is dissociated from a limited partnership as a general partner upon the occurrence of any of the following events:

1.Notice of express will to withdraw. The limited partnership's having notice of the person's express will to withdraw as a general partner or on a later date specified by the person;

2.Event in partnership agreement. An event agreed to in the partnership agreement as causing the person's dissociation as a general partner;

3.Expulsion pursuant to partnership agreement. The person's expulsion as a general partner pursuant to the partnership agreement;

4.Expulsion by unanimous consent. The person's expulsion as a general partner by the unanimous consent of the other partners if:

5.Expulsion upon judicial determination. On application by the limited partnership, the

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A person is dissociated from a limited partnership as a general partner upon the occurrence of any of the following events:
1.
Notice of express will to withdraw.
The limited partnership's having notice of the person's express will to withdraw as a general partner or on a later date specified by the person;
2.
Event in partnership agreement.
An event agreed to in the partnership agreement as causing the person's dissociation as a general partner;
3.
Expulsion pursuant to partnership agreement.
The person's expulsion as a general partner pursuant to the partnership agreement;
4.
Expulsion by unanimous consent.
The person's expulsion as a general partner by the unanimous consent of the other partners if:
5.
Expulsion upon judicial determination.
On application by the limited partnership, the person's expulsion as a general partner by judicial determination because:
6.
Bankruptcy; execution of assignment; appointment of trustee, receiver or liquidator.
The person's:
7.
Death; appointment of guardian or conservator; judicial determination.
In the case of a person who is an individual:
8.
Distribution of trust's interest.
In the case of a person that is a trust or is acting as a general partner by virtue of being a trustee of a trust, distribution of the trust's entire transferable interest in the limited partnership, but not merely by reason of the substitution of a successor trustee;
9.
Distribution of estate's interest.
In the case of a person that is an estate or is acting as a general partner by virtue of being a personal representative of an estate, distribution of the estate's entire transferable interest in the limited partnership, but not merely by reason of the substitution of a successor personal representative;
10.
Termination of general partner.
Termination of a general partner that is not an individual, partnership, limited liability company, corporation, trust or estate; or
11.
Conversion or merger.
The limited partnership's participation in a conversion or merger under subchapter 11, if the limited partnership: