North Dakota § 45-18-03 (603) Effect of partner's dissociation

North Dakota Statutes

§ 45-18-03 — (603) Effect of partner's dissociation

North Dakota § 45-18-03

Title 45Partnerships

Ch. 45-18Partner's Dissociation

This text of North Dakota § 45-18-03 ((603) Effect of partner's dissociation) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 45-18-03 (2026).

Text

1.If a partner's dissociation results in a dissolution and winding up of the partnership business, chapter 45-20 applies, otherwise, chapter 45-19 applies.

2.Upon a partner's dissociation:

a.The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 45-20-03;

b.The partner's duty of loyalty under subdivision c of subsection 2 of section 45-16-04 terminates; and

c.The partner's duty of loyalty under subdivisions a and b of subsection 2 of section 45-16-04 and duty of care under subsection 3 of section 45-16-04 continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to section

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1. If a partner's dissociation results in a dissolution and winding up of the partnership
business, chapter 45-20 applies, otherwise, chapter 45-19 applies.
2. Upon a partner's dissociation:
a. The partner's right to participate in the management and conduct of the
partnership business terminates, except as otherwise provided in section
45-20-03;
b. The partner's duty of loyalty under subdivision c of subsection 2 of section
45-16-04 terminates; and
c. The partner's duty of loyalty under subdivisions a and b of subsection 2 of section
45-16-04 and duty of care under subsection 3 of section 45-16-04 continue only
with regard to matters arising and events occurring before the partner's
dissociation, unless the partner participates in winding up the partnership's
business pursuant to section 45-20-03.