New Mexico § 54-1A-603 Effect of partner's dissociation

New Mexico Statutes

§ 54-1A-603 — Effect of partner's dissociation

New Mexico·Ch. 54 Partnerships·Art. 6 Partner's Dissociation.

(a)If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.

(b)Upon a partner's dissociation:

(1)the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in Section 803 [54-1A- 803 NMSA 1978];

(2)the partner's duty of loyalty under Section 404(b)(3) [54-1A-404(b)(3) NMSA 1978] terminates; and (3) the partner's duty of loyalty under Section 404(b)(1) and (2) [54-1A- 404(b)(1) and (2) NMSA 1978] and duty of care under Section 404(c) [54-1A-404(c) NMSA 1978] 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 busin

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(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies. (b) Upon a partner's dissociation: (1) the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in Section 803 [54-1A- 803 NMSA 1978]; (2) the partner's duty of loyalty under Section 404(b)(3) [54-1A-404(b)(3) NMSA 1978] terminates; and (3) the partner's duty of loyalty under Section 404(b)(1) and (2) [54-1A- 404(b)(1) and (2) NMSA 1978] and duty of care under Section 404(c) [54-1A-404(c) NMSA 1978] 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 803.

New Mexico § 54-1A-603 (Effect of partner's dissociation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.