Maine § 31 §1373 Dissociation as general partner

Maine Statutes

§ 31 §1373 — Dissociation as general partner

Maine·Title 31 PARTNERSHIPS AND ASSOCIATIONS·Ch. 19 UNIFORM LIMITED PARTNERSHIP ACT

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: