Utah § 48-1d-803 Liability of person dissociated as partner to other persons.

Utah Statutes

§ 48-1d-803 — Liability of person dissociated as partner to other persons.

Utah·Title 48 Unincorporated Business Entity Act·Ch. 48-1d Utah Uniform Partnership Act·Part 48-1d-8 Partner's Dissociation When Business Not Wound Up

(1)A person's dissociation as a partner does not of itself discharge the person's liability as a partner for a debt, obligation, or other liability of the partnership incurred before dissociation. Except as otherwise provided in Subsection (2), the person is not liable for a partnership obligation incurred after dissociation.

(2)A person that has dissociated as a partner without the dissociation resulting in a dissolution and winding up of the partnership's activities and affairs is liable on a transaction entered into by the partnership after the dissociation only if:

(2)(a) a partner would be liable on the transaction; and

(2)(b) at the time the other party enters into the transaction:

(2)(b)(i) less than two years has passed since the dissociation; and

(2)(b)(ii) the other party doe

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(1) A person's dissociation as a partner does not of itself discharge the person's liability as a partner for a debt, obligation, or other liability of the partnership incurred before dissociation. Except as otherwise provided in Subsection (2), the person is not liable for a partnership obligation incurred after dissociation.
(2) A person that has dissociated as a partner without the dissociation resulting in a dissolution and winding up of the partnership's activities and affairs is liable on a transaction entered into by the partnership after the dissociation only if:

(2)(a) a partner would be liable on the transaction; and
(2)(b) at the time the other party enters into the transaction:
(2)(b)(i) less than two years has passed since the dissociation; and
(2)(b)(ii) the other party does not have knowledge or notice of the dissociation and reasonably believes that the person is a partner.
(3) By agreement with a creditor of a partnership and the partnership, a person dissociated as a partner may be released from liability for an obligation of the partnership.
(4) A person dissociated as a partner is released from liability for an obligation of the partnership if the partnership's creditor, with knowledge or notice of the person's dissociation but without the person's consent, agrees to a material alteration in the nature or time of payment of the obligation.

Utah § 48-1d-803 (Liability of person dissociated as partner to other persons.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.