Montana Statutes
§ 35-12-1017 — Effect Of Dissociation As Limited Partner
Montana·Title 35 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS·Ch. 12 LIMITED PARTNERSHIPS·Part 10 Distribution and Dissociation
35-12-1017 . Effect of dissociation as limited partner.
(1)Upon a person's dissociation as a limited partner:
(a)subject to 35-12-1105 , the person does not have further rights as a limited partner;
(b)the person's obligation of good faith and fair dealing as a limited partner under 35-12-707 (2) continues only as to matters arising and events occurring before the dissociation; and
(c)subject to 35-12-1105 and Title 35, chapter 12, part 15, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.
(2)A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners that the person incurred
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Legislative History
En. Sec. 50, Ch. 216, L. 2011.
Nearby Sections
15
§ 35-12-1001
Interim Distributions§ 35-12-1002
Repealed§ 35-12-1003
Repealed§ 35-12-1004
Repealed§ 35-12-1005
Distributions In Kind§ 35-12-1006
Right To Distributions§ 35-12-1007
Repealed§ 35-12-1008
Repealed§ 35-12-1009
No Distribution On Account Of Dissociation§ 35-12-101
Repealed§ 35-12-1010
Limitations On Distribution§ 35-12-1011
Liability For Improper Distributions§ 35-12-1012
Through 35-12-1015 Reserved§ 35-12-1016
Dissociation As Limited Partner§ 35-12-1017
Effect Of Dissociation As Limited Partner